Crypto ETFs Hit the Wall Again Despite SEC’s Pro Crypto Makeover

Key Takeaways

• The SEC delayed decisions on Solana, XRP, Hedera, and Dogecoin ETFs
• Over 70 crypto ETFs await approval amid regulatory uncertainty.
• Final ETF decisions expected in late 2025.

Just weeks after a new chair took the reins, hopes for faster crypto exchange-traded fund (ETF) approvals have been put on hold again.

The Securities and Exchange Commission (SEC) has pushed back decisions on several high-profile crypto ETFs, including products tied to Solana (SOL), XRP, Hedera (HBAR), and Dogecoin (DOGE).

The delays come despite a new administration in Washington that has signaled support for crypto innovation.

 ETF Decisions Delayed

Among the ETFs affected are Franklin Templeton’s Solana and XRP funds, Grayscale’s Hedera ETF, and Bitwise’s Dogecoin proposal.

The SEC also delayed decisions on Ethereum (ETH)- related products, including staking provisions tied to Franklin and Fidelity’s ETH ETFs and in-kind creation and redemption processes for Invesco Galaxy’s Bitcoin and Ethereum ETFs.

These delays are standard under SEC review procedures, requiring the agency to evaluate ETF filings at 45-day, 90-day, 180-day, and 240-day intervals after submission. The final deadlines for many of these pending products now fall in Q3 and Q4 of 2025.

For example, the Franklin Spot Solana ETF is due for a final decision by Oct. 7, 2025, with the XRP version scheduled for Nov. 5. The Bitwise Dogecoin and Grayscale Hedera ETFs will reach their final deadlines on Oct. 8.

Ethereum staking proposals, particularly those submitted by Fidelity, remain under review despite earlier phases being completed in April.

While frustrating for the industry, the SEC’s slow-moving approach isn’t new. Spot Bitcoin (BTC) ETFs also faced repeated delays before receiving approval earlier this year.

Over 70 Crypto ETF Filings Still Waiting

Following Donald Trump’s return to the White House, crypto supporters were optimistic.

His administration quickly approved pro-crypto appointments at the SEC and jump-started regulatory discussions.  Over 70 ETF applications flooded in, with asset managers betting on a friendlier climate.

However, three months into the new administration, the SEC’s stance appears largely unchanged. Delays persist as the agency weighs how to regulate crypto investment products under existing securities laws.

The Trump-appointed crypto task force, led by SEC Commissioner Hester Peirce, has been holding industry roundtables in a bid to draft clearer guidance. While progress is being made, four more sessions are scheduled before any final framework is expected.

With final decisions on many ETF proposals pushed to late 2025, much now depends on whether the regulatory overhaul delivers the clarity issuers need, and whether the SEC is finally ready to approve a new wave of crypto ETFs.