The U.S. Securities and Exchange Commission (SEC) has postponed its decision on multiple cryptocurrency exchange-traded fund (ETF) applications, including those for XRP, Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE).
The regulatory body announced on March 11, 2025, that it needed additional time to assess the proposed rule changes before issuing a final decision.
The applications affected by the delay include Grayscale’s XRP ETF and the Solana ETF proposed by Cboe BZX Exchange. The SEC has extended its review period to May 2025, following a standard procedure of delaying ETF decisions to allow for further evaluation.
Bloomberg ETF analyst James Seyffart stated that such postponements were expected and aligned with the Commission’s usual approach to crypto-based financial products.
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Regulatory Uncertainty and Leadership Transition Impacting ETF Approvals
The delays come when the SEC is undergoing a leadership transition. Paul Atkins, who was expected to replace former Chairman Gary Gensler, who resigned in January, is still awaiting congressional confirmation.
This lack of stable leadership is considered a contributing factor to the SEC’s measured approach toward cryptocurrency ETFs.
Acting SEC Chairman Mark Uyeda has already proposed modifications to regulatory policies, including a rollback of rules that expanded oversight of alternative trading systems.
Analysts believe the Commission is reassessing its overall stance on digital assets before making significant decisions regarding ETF approvals.
Mixed Reactions from the Crypto Market
Despite delaying these applications, the SEC acknowledged new ETF filings on the same day. The XRP ETF proposal from Franklin Templeton accompanied two additional ETFs based on Dogecoin and Hedera when the SEC posted them on its official website.
Expert opinions now question how the Commission makes its decisions since its conflicting reaction to recent applications has led some to believe that unpredictable regulations slow down the review process.
ETF analyst Eric Balchunas observed that regulatory hurdles cause filing delays. The SEC delayed these Ethereum-staked-based ETFs alongside other cryptocurrency-related applications, which he described as an unstable train system held up by administrative procedures.
Approval of these ETFs by the SEC would trigger substantial institutional investment in altcoins since the crypto market watches closely for their decisions. The approval process continues to gain support from experts who believe approvals will ultimately be granted.
Seyffart stated that the delay of these decisions will not affect their outcome as the final rulings will be made in October 2025.
For now, the cryptocurrency sector awaits further clarity from regulators as the SEC continues to evaluate these applications in the evolving landscape of digital asset investments.
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