Key Takeaways
SEC has delayed its decision on several altcoins and staking ETFs filings to October and November. Will the approvals trigger a strong market rally in Q4?
The U.S. Securities and Exchange Commission (SEC) delayed its decision on several crypto ETFs and related staking applications.
The regulator requested more time until late October or mid-November to review the requests from interested issuers.
On the pending Ethereum [ETH] ETF staking list, BlackRock, Franklin Templeton, Fidelity, 21Shares, and Grayscale were all delayed.
Source: SEC
For BlackRock’s staking application, the agency extended the final deadline to the 30th of October. The world’s largest asset manager made its first filing for this provision in July.
The decision on Franklin Templeton’s crypto index and ETF staking permission was pushed to the 13th of November.
In addition, the agency postponed the decision on Spot Solana [SOL] and Ripple [XRP] applications by Franklin Templeton to the 14th of November.
Already, the market was extremely positive about the outcome of these altcoin ETF filings. In fact, XRP Futures hit a record level amid anticipation ahead of the Q4 deadline.
More crypto ETFs filed
Despite the delay, issuers continue to submit new crypto ETF filings with the regulator. Asset manager VanEck is reportedly planning to file for a Spot Hyperliquid [HYPE] staking ETF in the U.S. and an exchange-traded offering in Europe.
According to a Bloomberg ETF analyst, James Seyffart, there are over 90 crypto ETFs waiting for the SEC’s decision. This includes even memecoins.
In fact, the first U.S.-based memecoin ETF, a Dogecoin [DOGE], will debut this week, setting the stage for potentially more approvals.
Additionally, even chances of ETH staking approval remain high. Especially after the recent SEC’s guidance that liquid staking tokens aren’t securities, but receipts that show proof of deposits.
The massive wave of crypto ETFs follows the regulatory shift and ongoing clarity that most crypto tokens aren’t securities.
However, if approved, the public demand for these altcoin ETF products will determine whether they will be traded on public exchanges for an extended period of time or be delisted.
