The U.S. Securities and Exchange Commission (SEC) has hit the brakes on five high-profile crypto ETF applications, delaying decisions on offerings tied to XRP, Solana (SOL), Dogecoin (DOGE), Hedera (HBAR), and Ethereum (ETH) staking. While the pause may frustrate investors, analysts say the final showdown could come this October—and potentially reshape the digital asset landscape.
SEC Kicks the Can Down the Road—Again
The SEC officially postponed rulings on the following ETF proposals:
Franklin Templeton’s spot XRP ETF
Franklin Templeton’s spot Solana ETF
Grayscale’s spot Hedera ETF
Bitwise’s spot Dogecoin ETF
Fidelity’s Ethereum ETF with staking provisions
According to regulatory procedure, the SEC can delay rulings in 45-day increments up to a final deadline of 240 days. The new projected decision window now spans from October to November 2025.
“This is not a rejection—it’s a regulatory stall,” said ETF expert James Seyffart from Bloomberg. “These delays are par for the course, especially during leadership transitions.”
Why the Delay? Paul Atkins’ New Chairmanship in Focus
Much of the hesitation appears linked to the recent appointment of Paul Atkins as SEC Chair. A known proponent of market liberalization and innovation, Atkins is expected to introduce a more collaborative approach to crypto regulation.
According to Eric Balchunas, another Bloomberg ETF strategist,
“The SEC is clearly taking time to coordinate a broader strategy. They’ve been in discussions with institutional stakeholders, likely preparing the ground for broader crypto integration under the new regime.”
This suggests the delays are not outright roadblocks, but strategic positioning as the agency recalibrates its crypto policy.
Market Reacts with Mixed Sentiment
Following the SEC’s announcement, altcoins like XRP and DOGE saw brief retracements of 2–3%, but recovered quickly as long-term sentiment remained intact. Traders and investors largely expected the delay, and no applications were denied.
| Crypto | ETF Sponsor | Current Price | 24H Change | YTD Change |
|---|---|---|---|---|
| XRP | Franklin Templeton | $2.25 | -2.1% | +83% |
| SOL | Franklin Templeton | $134.10 | -1.8% | +145% |
| DOGE | Bitwise | $0.178 | -3.2% | +59% |
| HBAR | Grayscale | $0.098 | -2.5% | +41% |
| ETH (staking) | Fidelity | $4,820 | -1.3% | +102% |
(Source: CoinGecko, April 30, 2025)
ETF Delays Could Be Bullish in Disguise
While delays may seem like setbacks, analysts suggest they might actually reflect a maturing regulatory posture. According to Galaxy Digital’s legal strategist Rachel McKinney, “The SEC isn’t slamming the door—they’re just asking for more time. Given the volume of applications and political pressure, a coordinated approval wave in Q4 is entirely possible.”
Notably, the SEC is currently reviewing 72 crypto-related ETF filings, including several spot Bitcoin and Ethereum products that are pending decision.
If even a few altcoin ETFs are approved by October, this could:
Unleash billions in institutional inflows
Legitimize altcoins like XRP and SOL in traditional finance
Push prices beyond previous cycle highs
October 2025: A Pivotal Month for Crypto ETFs
With Bloomberg forecasting final rulings between October and November, many believe the fourth quarter of 2025 could ignite the next ETF-driven rally, similar to how spot Bitcoin ETF approvals drove BTC toward $100K earlier this year.
“The final 240-day deadline will be a defining moment,” said macro strategist Jason Yanowitz. “The SEC is under pressure—from both Capitol Hill and Wall Street—to stop dragging its feet.”
Conclusion: ETF Delays Don’t Mean Denials
For now, crypto markets must live with delayed gratification. But make no mistake: the ETF tide is coming. The SEC’s latest move appears more procedural than punitive, and under new leadership, the path to approval may be smoother than ever before.
Investors should keep their eyes on October 2025, when the dominoes could finally fall, and change the trajectory of the altcoin market for good.
FAQs
Why did the SEC delay crypto ETF decisions?
The SEC is using its standard review periods to delay rulings on five major crypto ETF applications, likely due to regulatory strategy changes under new leadership.
Which ETFs were delayed?
Applications for spot XRP, Solana, Dogecoin, Hedera, and Ethereum staking ETFs from Franklin Templeton, Bitwise, Grayscale, and Fidelity were all postponed.
When will final decisions be made?
Analysts expect rulings by October to November 2025, as this marks the end of the SEC’s 240-day decision window.
How could ETF approvals impact crypto prices?
ETF approvals could lead to major institutional inflows, increase mainstream adoption, and act as a bullish trigger for assets like XRP, SOL, and ETH.
Glossary of Key Terms
Spot ETF: An ETF that directly holds the underlying asset (e.g., XRP or SOL), as opposed to futures contracts.
240-Day Deadline: The maximum time the SEC can take to decide on an ETF application.
Staking ETF: A fund that earns yield by staking the cryptocurrency it holds, common for PoS assets like ETH.
Institutional Inflows: Capital from hedge funds, pension funds, and large asset managers entering crypto markets.
SEC (Securities and Exchange Commission): U.S. federal agency overseeing securities and financial markets.
Sources:
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