TLDR
- SEC has extended review periods for Grayscale’s Solana and Litecoin ETF applications
- BlackRock’s request to modify its Bitcoin ETF for in-kind redemptions is under evaluation
- 21Shares’ Dogecoin ETF filing has entered the official review process
- Final decisions on crypto ETFs expected in Q3-Q4 of 2025
- New SEC Chair Paul Atkins is reassessing the agency’s approach to crypto products
The Securities and Exchange Commission has pushed back deadlines for several cryptocurrency ETF applications, continuing a pattern of regulatory caution that will likely delay final decisions until the later months of 2025. In a series of announcements on May 13, the agency extended review periods for multiple crypto investment vehicles, affecting major financial institutions and various digital assets.
The SEC postponed its decision on Grayscale’s proposed spot ETFs for both Solana and Litecoin. These applications now face new deadlines, with reviews extending to August 11 and October 10 respectively. The agency needs more time to determine if these listings satisfy market integrity requirements and investor protection standards.
🚨UPDATE: 🇺🇸SEC has delayed the @Grayscale Spot Solana ETF. pic.twitter.com/254Jl1mAK8
— SolanaFloor (@SolanaFloor) May 13, 2025
BlackRock’s application to modify its existing Bitcoin ETF also faces delays. The asset management giant seeks permission to enable in-kind redemptions, which would allow authorized participants to use actual Bitcoin rather than cash when creating or redeeming shares. The SEC approved the fund in January with cash-only redemptions but has not set a new deadline for this modification request.
In a separate development, the SEC has acknowledged 21Shares’ filing for a spot Dogecoin ETF. This formal acknowledgment starts the regulatory review clock for the DOGE-based investment product. The proposed ETF would track Dogecoin prices through a CF Benchmarks index and give investors exposure to the cryptocurrency through conventional brokerage accounts.
The Dogecoin ETF proposal has now entered its public comment phase after filing under Nasdaq Rule 5711(d), which governs commodity-based trust shares. This marks another step in the lengthy approval process that all crypto ETFs must navigate.
Regulatory Roadmap Takes Shape
The SEC follows a structured review process for all ETF applications. This multi-stage approach operates on intervals of 45, 90, 180, and 240 days, providing the agency with several opportunities to extend its evaluation before reaching a final decision deadline.
These latest delays align with the SEC’s established practice of using the full statutory review period for crypto products. None of the affected ETFs face their ultimate deadlines before the third quarter, leaving both applicants and potential investors waiting for regulatory clarity.
Bloomberg ETF analysts have characterized these delays as expected. James Seyffart noted that most of the products won’t reach their final deadlines until October at the earliest. His colleague Eric Balchunas pointed out that substantive approvals are unlikely until recently confirmed SEC Chair Paul Atkins finishes internal strategy sessions with agency staff.
“They’ve been taking outside meetings with people. Probably coming up with a strategy. After that, likely approvals,” Balchunas explained.
New Leadership, New Approach
The timing of these delays coincides with leadership changes at the SEC. Paul Atkins, the newly confirmed Chair, appears to be reassessing the agency’s stance on cryptocurrency investment products before making major decisions.
Under the new administration, the SEC has already dismissed several crypto-related enforcement cases and increased industry engagement through specialized roundtables. These actions suggest a potential shift in the regulatory landscape, though the agency continues to move cautiously on ETF approvals.
The current delays affect just a portion of the more than 70 crypto ETF proposals under consideration. On April 29, the SEC also postponed decisions on five other crypto-related ETFs, indicating a comprehensive review of the entire category.
For Grayscale’s Solana ETF specifically, the SEC has extended its review to assess whether the listing meets standards for investor protection and market integrity. If eventually approved, the trust would hold SOL directly and trade on NYSE Arca.
The various postponements leave the crypto industry in a familiar waiting pattern. With no final decisions expected before late 2025, both institutional players and retail investors must continue to monitor the regulatory process as it unfolds.
The SEC’s methodical approach reflects the complex regulatory questions surrounding digital asset investment products and suggests that any approvals will come only after thorough evaluation under the agency’s new leadership.
