SEC delays decision on cryptocurrency ETFs once more, with final decisions expected in late 2025.

The US Securities and Exchange Commission has delayed decisions regarding several crypto-focused exchange-traded fund (ETF) applications, including those submitted by Grayscale and BlackRock, as of May 13.

These delays extend the SEC’s review schedule and indicate that approvals are unlikely to be granted before the last quarter of 2025.

Grayscale’s proposed spot ETFs for Solana (SOL) and Litecoin (LTC) will see their deadlines pushed to August 11 and October 10, respectively.

Additionally, the SEC has postponed action on BlackRock’s petition for in-kind redemptions related to its approved spot Bitcoin (BTC) ETF. This request focuses on technical aspects and does not have an updated deadline.

In a separate matter, the SEC has acknowledged the 19b-4 filing for a 21Shares spot Dogecoin (DOGE) ETF, marking the start of the formal review process for this product, which will eventually lead to a decision in accordance with the agency’s statutory timeline.

The recent decisions align with a broader trend of staggered reviews for over 70 crypto ETF proposals currently at different stages of evaluation. On April 29, the SEC had also delayed decisions on five additional crypto-related ETFs.

According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, these delays have become a regular occurrence.

Seyffart remarked that these delays were anticipated and noted that most affected products are not expected to meet final deadlines prior to October.

Balchunas contributed that it seems unlikely the SEC will grant significant approvals until the newly appointed Chair Paul Atkins concludes his internal discussions and strategy meetings.

He mentioned, “They’ve been taking outside meetings with people. Probably coming up with a strategy. After that, likely approvals.”

The SEC’s process for evaluating crypto ETF applications adheres to a multi-stage statutory framework that begins with the publication of proposed rule changes in the Federal Register.

Typically, the agency reviews applications at intervals of 45, 90, 180, and 240 days, creating several opportunities for delays before final deadlines are reached.

The regulator’s recent behaviors are in line with its historical tendency to utilize the full statutory review period before issuing decisions.

None of the ETFs in this current batch have a final deadline before late in the third quarter, leaving both applicants and investors in anticipation of clearer regulatory guidance on crypto-related investment products.