SEC postpones decisions on crypto ETFs from BlackRock and Franklin Templeton

SEC Delays Decisions on Crypto ETF Proposals

On Wednesday, the Securities and Exchange Commission (SEC) decided to postpone its rulings on several proposals for cryptocurrency exchange-traded funds (ETFs), affecting well-known names like BlackRock and Franklin Templeton.

New deadlines have been set, with November 13 designated for Ethereum-related proposals from Franklin and November 14 for Solana and XRP ETFs. BlackRock’s proposal for its iShares Ethereum Trust is now expected to be addressed by October 30.

The recent filing does not suggest the SEC’s inclination regarding these applications; it merely indicates that they are taking their time to conduct thorough evaluations. The agency is utilizing its maximum available extension period before reaching a final decision.

Franklin’s submissions regarding its Ethereum, Solana, and XRP products were initially made to CBOE BZX in mid-March, while BlackRock’s amendment was filed with NASDAQ on July 16.

According to Section 19(b) of the Securities and Exchange Act, the SEC can take up to 45 days to act on the proposed rule changes from the time they are published.

Ongoing ETF Delays at the SEC

Since President Donald Trump’s administration began in January, the SEC has markedly shifted its approach to digital assets.

On July 31, SEC Chairman Paul Atkins unveiled “Project Crypto,” an initiative aimed at updating securities regulations and integrating staking into a comprehensive digital asset framework.

Atkins emphasized during a recent OECD roundtable in Paris that “the time has come for Crypto.”

While there’s a push supporting cryptocurrencies, the SEC continues to delay decisions on ETF applications, particularly those involving AltCoin and staking products. Just this Tuesday, the agency postponed its ruling on both the Bitise Dogecoin ETF and the Grayscale Hedera ETF, extending the reviews to November 12.

In August, the SEC issued multiple extensions for ongoing crypto ETF applications. These included proposals from NYSE ARCA concerning true social Bitcoin and Ethereum ETFs that are now scheduled for October 8, among others. The review periods for several proposals, such as the 21 Share and Bitwise Solana ETFs, were also pushed back.