Final Rulings on Multiple Crypto ETFs Likely Pushed to Q4, Say Bloomberg Analysts
The U.S. Securities and Exchange Commission (SEC) has announced new delays in its ongoing review of crypto-related exchange-traded funds (ETFs), including Bitwise’s proposal to add staking to its Ether ETF and Grayscale’s XRP ETF application.
On May 20, the SEC said it would extend its deadline for Bitwise’s Ether staking ETF by 45 days, citing the need to “consider the proposed rule change and the issues raised therein.” The agency also delayed decisions on Grayscale’s XRP ETF and Bitwise’s Solana ETF, initiating proceedings to allow for further public comments and regulatory analysis.
These delays were widely anticipated by analysts, who say the SEC typically uses the full allotted timeline before issuing decisions on crypto ETF filings.
“Almost all of these filings have final due dates in October,” said Bloomberg ETF analyst James Seyffart on X. “An early decision would be out of the norm. There’s no conspiracy here.”
DELAYS on Ether ETF staking for @BitwiseInvest and on @Grayscale‘s XRP ETF filing. (Both expected IMO) pic.twitter.com/zycAqnz6uq
— James Seyffart (@JSeyff) May 20, 2025
Litecoin May Have Slightly Better Odds
Seyffart noted that while delays on other spot crypto ETF proposals — including for Litecoin (LTC) — are also expected, LTC may have a better chance of being approved earlier than other altcoins.
“Litecoin is one that has a higher likelihood vs others of getting approved first,” Seyffart said, adding that any early approvals would likely not come before late June or early July, with most decisions expected in Q4 2025.
He added that the SEC’s current crypto-friendly posture is unlikely to accelerate the timeline significantly:
“No matter how crypto-friendly this SEC is, this is the usual process.”
Flood of Crypto ETF Filings Tests SEC Bandwidth
The wave of ETF applications stems from a favorable policy shift that followed President Donald Trump’s election in November and the resignation of former SEC Chair Gary Gensler on Jan. 20.
Under Gensler, the SEC pursued an aggressive regulatory approach, initiating more than 100 crypto-related enforcement actions during his tenure from 2021 to early 2024.
Since his departure, several crypto firms previously targeted by the SEC — including Gemini and Cumberland DRW — have seen their cases dismissed, fueling optimism in the industry.
The SEC is now processing a wide range of ETF filings, including:
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Grayscale’s Polkadot (DOT) ETF, with a decision deadline of June 11
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21Shares’ Polkadot ETF, with a deadline of June 24
These deadlines fall within a broader wave of altcoin ETF proposals triggered by growing institutional interest in diversified crypto exposure.
Final Thoughts: Patience Required as Crypto ETFs Await Regulatory Clarity
While delays from the SEC may disappoint some crypto investors, they are part of the standard review process for ETF approvals.
The crypto ETF pipeline has grown significantly, and the SEC — now viewed as more cooperative under Chair Paul Atkins — is taking a cautious but methodical approach to addressing a new wave of altcoin and staking-based ETFs.
Industry watchers and analysts widely expect October 2025 to be a pivotal moment when final decisions on many of these proposals are likely to be issued — potentially reshaping the crypto investment landscape in the United States.
