The U.S. Securities and Exchange Commission once again delayed making a decision on a handful of crypto-related ETF rule changes.
The SEC said on Wednesday in a series of filings that it needs more time to review applications to allow staking for Ethereum ETFs issued by BlackRock, Fidelity, and Franklin Templeton. Exchange-traded funds proposed by Franklin Templeton that would track the price of altcoins XRP and Solana also met with delays.
While SEC Chairman Paul Atkins has been vocal in his support of digital assets, his agency continues to punt on deciding on many ETFs. Meanwhile, new altcoin-based ETF applications continue to be submitted on what seems like a weekly basis as financial institutions show their eagerness to list funds that offer exposure to cryptocurrencies other than Bitcoin and Ethereum.
According to a chart created by Bloomberg Intelligence Analyst James Seyffart, over 90 crypto ETFs are awaiting SEC approval.
“At this rate we’ll have one for every top 30-40 [cryptocurrency] inside 12 months, even with delays,” McKayResearch founder James McKay said on X with a post including Seyffart’s chart.
In July, the SEC said it was looking for comments on a rule change that would permit BlackRock’s iShares Ethereum Trust to add staking. Issuers’ interest in adding staking to their Ethereum ETFs kicked into high gear after the SEC’s Division of Corporation Finance said in May that certain blockchain staking activities don’t involve the offering of securities. Many people took that to mean crypto ETF staking would be allowed.
Last month, the SEC delayed making a decision on whether Grayscale could add staking to its Ethereum exchange-traded fund.
Franklin’s XRP and Solana applications
Franklin Templeton’s two proposals for spot XRP and Solana ETFs will also have to wait longer for the SEC to make a decision. The firm first applied to list the ETFs in March.
Bitwise CIO Matt Hougan said on Wednesday he anticipates a strong end to the year for SOL with the expectation that ETFs tracking Solana will finally go live. Besides Bitwise and Franklin, Grayscale, VanEck, Fidelity, Invesco/Galaxy, and Canary Capital have filed for spot Solana ETFs in the U.S.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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