The U.S. Securities and Exchange Commission (SEC) has once again delayed decisions on several high-profile crypto exchange-traded fund (ETF) proposals, including those from BlackRock and Franklin Templeton. The latest extensions impact funds tied to Solana (SOL), XRP, and Ethereum (ETH) staking.
New Deadlines for Solana, XRP, and Ethereum ETFs
According to SEC filings, Franklin Templeton’s amended proposal for an Ethereum staking ETF will now face a decision deadline of November 13, while its Solana and XRP ETFs are scheduled for November 14.
BlackRock’s proposal to allow staking in its iShares Ethereum Trust is now expected to receive a decision by October 30.
The SEC emphasized that these extensions do not signal approval or rejection but reflect the agency’s need for additional time to evaluate the proposals under Section 19(b) of the Securities Exchange Act. The commission is currently using the maximum allowable extensions before making final rulings.
Franklin Templeton and BlackRock Join Growing ETF Backlog
Franklin Templeton first submitted proposals for its Ethereum, Solana, and XRP ETFs with Cboe BZX in mid-March. BlackRock’s iShares Ethereum staking amendment was filed with Nasdaq on July 16.
Under SEC rules, the commission has 45 days from publication to act on a proposed rule change, with the option to extend its review period up to 180 days, and in some cases, by an additional 60 days.
SEC’s Crypto Pivot Meets Delays
While the SEC has recently taken steps to modernize its approach to digital assets, ETF approvals remain slow. In July, SEC Chair Paul Atkins announced Project Crypto, an initiative to create a unified regulatory framework for crypto trading, lending, and staking. Speaking at the OECD Roundtable on Global Financial Markets in Paris, Atkins declared, “Crypto’s time has come.”
Despite this pro-crypto messaging, the SEC has yet to approve several major crypto ETF applications, including altcoin-based funds and staking products.
Multiple ETF Proposals Pushed Back
This week’s delays follow a series of recent extensions affecting other crypto ETFs. On Tuesday, the SEC postponed decisions on the Bitwise Dogecoin ETF and the Grayscale Hedera ETF, moving both deadlines to November 12.
In August, the SEC extended deadlines for:
- NYSE Arca’s Truth Social Bitcoin and Ethereum ETFs (due October 8)
- 21Shares and Bitwise Solana ETFs (due October 16)
- 21Shares Core XRP Trust (due October 19)
- WisdomTree XRP Fund (due October 24)
- Canary PENGU ETF (due October 12)
As of late August, the SEC reportedly had 92 crypto-related ETF proposals under review, reflecting a growing queue of products awaiting regulatory clarity.
What This Means for Crypto Investors
Delays in ETF approvals often create short-term uncertainty for crypto markets but are seen as part of the SEC’s cautious approach to digital asset regulation. Approval of these funds could open the door for greater institutional participation in Solana, XRP, and Ethereum staking products, potentially boosting liquidity and adoption.
Investors now await the SEC’s next round of rulings, which could shape the future of crypto ETFs in the U.S.
