The U.S. Securities and Exchange Commission (SEC) has made headlines in 2025 by delaying its decision on several significant exchange-traded funds (ETFs), including a proposed fund by Donald Trump’s media and technology company aimed at tracking the performance of Bitcoin and Ethereum. This decision reflects the ongoing scrutiny and evolving regulatory landscape surrounding cryptocurrency investments.
In a recent filing, the SEC announced a 45-day extension for its assessment of the Truth Social Bitcoin and Ethereum ETF, now set for a deadline of October 8, 2025. Alongside this, the agency has postponed its reviews of applications for spot XRP funds submitted by notable firms such as Grayscale, CoinShares, Canary Capital, Bitwise, and 21Shares. Additionally, the SEC has similarly delayed decisions regarding a spot Dogecoin ETF from Grayscale and a Litecoin ETF proposed by CoinShares. Each of these funds faces varying timelines for potential approval.
This strategic delay comes shortly after similar actions regarding Solana ETFs from Bitwise, 21Shares, and VanEck, as well as a Dogecoin fund from 21Shares. The SEC’s approach appears to be part of a broader evaluation of several cryptocurrency-related proposals, reflecting the agency’s cautious stance in this rapidly evolving market.
As of 2025, the landscape for cryptocurrency ETFs has been shaped by the success of 11 spot Bitcoin and nine Ethereum ETFs, coupled with a more favorable political climate toward cryptocurrencies that gained momentum during the Trump administration. Moreover, traditional financial institutions, previously hesitant to engage with digital assets, are now showing increasing interest, further driving the demand for cryptocurrency investment vehicles.
In light of these developments, two major U.S. exchanges, Cboe BZX and NYSE Arca, have requested amendments to their listing standards. These changes aim to streamline the approval process for future cryptocurrency ETFs, potentially allowing certain products to be listed without undergoing the SEC’s rigorous review process under Rule 19b-4, which can take up to 240 days. Such a shift could significantly expedite the introduction of new crypto ETFs to the market.
“Even though it feels like ‘Isn’t this SEC supposed to approve all this stuff?’, the listing standards are out for comment,” said Bloomberg Senior ETF Analyst Eric Balchunas. “So just in the nick of time, these listing standards should be approved. And then we’re anticipating a batch of approvals based on the listing standard starting in October.”
Balchunas further noted that while the current delays may seem discouraging, they are part of a process that may soon yield positive results for the cryptocurrency investment community. “It’ll all happen soon,” he added, indicating a potential wave of approvals on the horizon.
As investors and industry players await the SEC’s final decisions, the focus remains on how these regulatory actions will shape the future of cryptocurrency ETFs. The developments in 2025 underscore the importance of regulatory clarity in fostering an environment conducive to innovation and investment in the digital asset space.
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