The SEC has prolonged the deadlines for crypto funds that track Solana and XRP, in addition to proposals addressing Ether staking.
The US Securities and Exchange Commission has postponed its decisions on several crypto exchange-traded fund (ETF) proposals, which included funds from BlackRock and Franklin Templeton.
According to filings with the SEC, a new deadline has been established for Franklin’s Ethereum staking amendment, which is now set for November 13. Deadlines for its Solana and XRP ETFs have been moved to November 14. A proposal that seeks to permit staking in BlackRock’s iShares Ethereum Trust is now scheduled for October 30.
The filings do not reveal the SEC’s inclination regarding the applications, only that additional time is required for their evaluation. The commission is utilizing the maximum extension period allowed before a final decision must be issued.
Franklin’s proposals for its Ethereum, Solana, and XRP products were filed with Cboe BZX in mid-March, while the amendment for BlackRock’s iShares Ethereum staking was submitted by Nasdaq on July 16.
Under Section 19(b) of the Securities Exchange Act, the SEC is allotted a period of up to 45 days from the date of publication to act on a proposed rule change. This can be extended to 90 or 180 days, and in certain circumstances, by an additional 60 days.
SEC’s Delays Mount for ETF Approvals
Since Donald Trump’s presidential inauguration in January, a dramatic shift has occurred in the SEC’s position on digital assets.
On July 31, a new commission-wide initiative called “Project Crypto” was revealed by SEC Chair Paul Atkins. Its purpose is to modernize securities regulations and to bring the trading, lending, and staking of digital assets under a single, unified framework.
During the Organisation for Economic Co-operation and Development (OECD) Roundtable on Global Financial Markets in Paris on Wednesday, SEC Chair Atkins emphasized this shift, declaring that “Crypto’s time has come.”
SEC Continues Delaying Crypto ETF Applications Amid Pro-Crypto Market Momentum
Despite this pro-crypto momentum, the SEC continues to delay decisions on ETF applications, with proposals for altcoin and staking products accumulating.
On Tuesday, decisions regarding the Bitwise Dogecoin ETF and the Grayscale Hedera ETF were postponed by the federal agency, with reviews for both extended until November 12.
In August, the SEC issued a series of extensions for pending crypto ETF applications. Among those were NYSE Arca’s filings for the Truth Social Bitcoin and Ethereum ETF, now due on October 8. Additionally, the 21Shares and Bitwise Solana ETFs were pushed to October 16, and the 21Shares Core XRP Trust was delayed until October 19.
On August 25, regulators also extended the review period for the WisdomTree XRP Fund’s listing proposal, which was filed by Cboe BZX, setting a new deadline of October 24. On the same day, a decision regarding the Canary PENGU ETF was postponed by the Commission, pushing the ruling back to October 12.
According to an August 29 report, at least 92 crypto-linked ETF proposals were under review by the SEC.
