Yeliz Akmaca 
The U.S. Securities and Exchange Commission (SEC) has postponed decisions on several crypto exchange-traded fund (ETF) applications, including those from major firms such as BlackRock and Franklin Templeton. According to SEC filings, Franklin’s Ethereum ETF share adjustment has a new deadline of November 13, 2025, while Solana and XRP ETFs are now set for November 14, 2025. BlackRock’s proposal to allow staking in its iShares Ethereum Trust is scheduled for submission on October 30, 2025.
Growing Crypto ETF Delays
Franklin’s Ethereum, Solana, and XRP products were initially submitted to Cboe BZX in March, while Nasdaq received BlackRock’s Ethereum staking change on July 16, 2025. Under Section 19(b) of the Securities Exchange Act, the SEC has an initial 45-day period to act, extendable up to 60, 90, or 180 days when needed. These extensions indicate that the commission requires additional time for thorough evaluations.
In the same week, the SEC delayed decisions on the Bitwise Dogecoin ETF and Grayscale Hedera ETF until November 12, 2025. Earlier in August, the agency also postponed the 21Shares and Bitwise Solana ETF, 21Shares Core XRP Trust, and Truth Social Bitcoin-Ethereum ETF applications. Additionally, the WisdomTree XRP Fund review was extended to October 24, 2025, and the Canary PENGU ETF decision to October 12, 2025. Current reports show over 90 crypto-linked ETF proposals under SEC review.
Institutional Approach and Market Impact
SEC Chair Paul Atkins introduced the “Project Crypto” initiative on July 31, 2025, aiming to modernize securities rules and integrate trading, lending, and staking into a single regulatory framework. During the OECD’s global financial roundtable in Paris, he emphasized, “The time for crypto has come,” highlighting the significance of this transformation. However, the commission continues to delay proposals for altcoins and staking-based products.
Despite regulatory delays, Ethereum remains strong. CoinMarketCap data shows ETH trading at $4,374.51, with a market capitalization exceeding $528 billion and 24-hour trading volume over $39 billion. Over the past 90 days, ETH has gained more than 75%, signaling strong market sentiment. Institutional investors closely monitor these ETF decisions, anticipating significant liquidity and volatility shifts once approvals are finalized.
The SEC’s approach ensures comprehensive review, safeguarding investor interests while maintaining orderly market operations. The extended deadlines provide additional time to evaluate staking features and other critical aspects before final decisions are announced.
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