Strategic Deferral by the SEC on Solana and XRP ETFs: the Fee has chosen to take extra time.
Franklin Templeton has obtained an extension till November 14, 2025, utilizing the utmost extension authority offered by the laws, whereas the modification on staking for BlackRock’s iShares Ethereum Belief has been postponed to October 30, 2025.
In the meantime, the crypto product backlog awaiting approval has exceeded 90 requests, as reported by market evaluation and report-specialist Bloomberg Intelligence, reigniting the dialogue on itemizing guidelines and market timing.
Based on the information collected by our analysis staff on public filings between March and September 2025, probably the most frequent extensions concern information that embrace on-chain elements (staking or conversion from belief to ETF).
Our analysts observe that the SEC is focusing its critiques totally on custody and surveillance-sharing standards: within the monitored circumstances, the extra critiques have usually prolonged the timelines by 45–60 days in comparison with the preliminary deadlines.
SEC: postponement for Franklin Templeton and for BlackRock’s ETH staking
The Fee has utilized the utmost calendar extension allowed, suspending the choice on the ETFs proposed by Franklin Templeton on Solana and XRP to November 14, 2025.
On this context, for BlackRock, the SEC has added 45 days to the timeline of the modification on the staking of the iShares Ethereum Belief, setting the brand new deadline to October 30, 2025.
- The functions by Franklin Templeton, filed on the Cboe BZX for merchandise on Ethereum, Solana, and XRP, date again to mid-March 2025.
- The Nasdaq submitted the modification on staking for the iShares Ethereum Belief on July 16, 2025 (Nasdaq – Rule Filings).
- The extensions are included within the process offered by Part 19(b) of the Securities Change Act, which governs market rule modifications.
The explanations for the postponement: technical time and regulatory assessments
Of their respective orders, the SEC acknowledged that it wants “ample time to think about” the proposals (SEC – SRO Filings).
That mentioned, the passage displays the necessity for additional evaluation on the monitoring of market surveillance, investor safety, and operational dangers. The postponement additionally permits for coordination of any interventions on itemizing requirements and market surveillance standards, decreasing margins of procedural uncertainty.
Backlog and Approval Prospects: The Up to date Framework
Extensions, though not equal to a refusal, are a part of the regulatory apply for extra advanced dossiers. It should be mentioned that the context is marked by a domino impact of requests with:
Concerning the approval chances, analysts from Bloomberg Intelligence have estimated a variety round 90–95% for Solana and XRP, whereas on predictive markets like Polymarket the percentages for a Solana ETF have reached 99% at sure levels.
Nevertheless, these percentages stay indicative and can’t predict the definitive consequence of the regulatory evaluation.
Timeline and hypotheses for brand new “generic itemizing requirements” for crypto ETFs
Every ETF follows a regulatory course of below Part 19(b) that may lengthen as much as 240 days. In abstract:
- Section 1: deposit and publication within the Federal Register.
- Section 2: first 45 days devoted to feedback and evaluation.
- Section 3: additional extensions (45 + 90 + 60 days) as much as the general restrict of 240 days.
In parallel, exchanges like Cboe and NYSE have proposed generic itemizing requirements to permit the itemizing of sure crypto ETPs with out a case-by-case assessment, offered predefined standards (equivalent to liquidity, custody, and surveillance-sharing) are met.
If accredited, these requirements may speed up the introduction of extra merchandise to the market in fast succession. Certainly, discussions are at present underway, with an consequence hoped for across the starting of October 2025 (timing topic to official affirmation).
Staking on Ethereum: particulars and positions of the managers
BlackRock has argued that Ethereum ETFs are incomplete if not built-in with staking functionalities, able to producing an on-chain yield to be redistributed to the fund (SEC – SRO Filings).
The subject is the topic of a technical dialogue with the SEC, together with a gathering with the Crypto Job Power held on Could 10, 2025 (assembly memo and technical supplies to be verified).
In the meantime, Grayscale and 21Shares are additionally maintaining functions open for ETFs that embrace staking functionalities and conversions from trusts to ETFs on varied altcoins (see additionally 21Shares Launches DYDX ETP: New Alternatives).
In parallel, BlackRock manages BUIDL, a tokenized Treasury fund with property below administration estimated at 2.9 billion {dollars} in keeping with market reviews and notes (knowledge to be confirmed by official statements).
The operation of on-chain merchandise fuels the talk on how you can combine native capabilities, equivalent to staking, into regulated autos.
What Adjustments for Traders
- Timing: till the brand new deadlines of October and November 2025, a stand-by section is predicted, with regulatory updates in blocks.
- Narrative volatility: SEC bulletins, alternate feedback, and anticipations associated to filings may affect sentiment within the quick time period.
- Various state of affairs: the adoption of generic requirements may result in a sequence of shut approvals, impacting liquidity and market making actions on the debut (The issue of market making within the crypto sector).
- Operations: it’s advisable to observe the official pages of the SEC – SRO, the remark letters, and the regulatory orders to comply with any modifications and additional requests.
Fast Clarifications
- The postponement doesn’t equate to a rejection: it’s a procedural extension aimed toward finishing technical and regulatory assessments.
- Deadlines could also be topic to additional modifications: the SEC can in some circumstances expedite selections or impose extra orders following the feedback acquired.
- Accelerating elements: the adoption of generic requirements or a coordinated determination for a number of merchandise of the identical asset class may streamline the approval course of.