The U.S. Securities and Exchange Commission (SEC) has hit the brakes on multiple crypto exchange-traded fund (ETF) proposals, including one from Donald Trump’s media company that would track Bitcoin and Ethereum.
Along with the Trump Media filing, the regulator has delayed spot ETFs for XRP, Dogecoin, and Litecoin, as well as a staking amendment to an Ethereum fund. These decisions are modifying expectations for when and how crypto ETFs will expand in 2025.
Trump Media’s Bitcoin and Ethereum ETF Postponed
In its Monday filing, the SEC extended its review of the Truth Social Bitcoin and Ethereum ETF, pushing the decision deadline to October 8, 2025. The product, proposed by Trump Media & Technology Group, will track Bitcoin and Ethereum prices, making it one of the most high-profile ETF applications in recent years.
The SEC didn’t reject the product but just bought more time. According to the filing, the delay is a 45-day extension period that regulators often use when gathering more feedback from stakeholders.
Bloomberg ETF analyst Eric Balchunas told Decrypt that these delays shouldn’t be misinterpreted as negative. He said:
“Even though it feels like ‘Isn’t this SEC supposed to approve all this stuff?’, the listing standards are out for comment… this delay feels discouraging, but it’s just a little more patience. It’ll all happen soon.”
ETFs from Industry Giants Also Delayed
Beyond Trump Media’s proposal, the SEC also delayed decisions on several XRP spot ETFs from Grayscale, Bitwise, CoinShares, Canary Capital, and 21Shares.
Industry experts say while the delay slows momentum, the overall market outlook is still good. The XRP ETF filings are a big step towards legitimizing tokens beyond Bitcoin and Ethereum in institutional portfolios.
The SEC filing also delayed a Dogecoin ETF from Grayscale and a Litecoin ETF from CoinShares. This is the second time in recent months that Dogecoin ETFs have been delayed, with a 21Shares Dogecoin filing getting the same treatment in August.
Along with new ETF applications, the SEC also delayed a decision on a proposal to add staking to the 21Shares Core Ethereum ETF. The fund currently tracks Ethereum’s spot price but the amendment would allow it to generate staking rewards, giving investors higher yields.
Why the SEC is Delaying Crypto ETFs
The delays come just weeks after the SEC delayed decisions on Solana ETFs from Bitwise, VanEck, and 21Shares, more evidence of its caution.
One reason is the rule change requests from Cboe BZX and NYSE Arca, which asked the SEC to approve amendments that would allow exchanges to list certain crypto ETFs without lengthy case-by-case reviews. Currently, each filing goes through a Rule 19b-4 review that can take up to 240 days.
If approved, these amendments would shorten ETF approval times and reduce bureaucratic hurdles. Balchunas says the SEC’s delays are timed to coincide with the expected approval of these amendments in the next few months.
Conclusion
Based on the latest research, SEC crypto ETF delays show the regulator is cautious but moving forward on digital assets. Trump Media’s Bitcoin and Ethereum ETF, along with XRP, Dogecoin, Litecoin and Ethereum staking, are all delayed until later this year.
Though frustrating for investors looking for mainstream adoption, but the trend points to potential approvals, especially if exchange rule changes happen in October. The crypto ETF race is far from over but patience seems to be the price of progress in 2025.
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Summary
The SEC has delayed multiple crypto ETFs, including Donald Trump Media’s Bitcoin and Ethereum ETF, Grayscale and Bitwise’s XRP spot funds and Dogecoin and Litecoin proposals. It also delayed an Ethereum staking amendment. Analysts say these delays are temporary, tied to pending rule changes from Cboe and NYSE that will simplify ETF approvals.
FAQs
Why did the SEC delay Trump Media’s Bitcoin and Ethereum ETF?
The SEC extended the review by 45 days to gather more input and align with upcoming exchange rule changes.
What does the delay mean for XRP investors?
It slows institutional adoption but shows progress as multiple major firms are backing XRP ETF filings.
Are Dogecoin and Litecoin ETFs going to be approved?
Uncertain but delays suggest they are being considered rather than dismissed.
When will ETFs be approved?
If rule changes are approved, analysts expect batch approvals starting October 2025.
Glossary
ETF (Exchange-Traded Fund): A financial product that tracks the performance of an asset or group of assets and trades on stock exchanges.
Spot ETF: An ETF backed directly by the underlying asset, not futures.
Staking: Locking up cryptocurrency to support blockchain validation and earn rewards.
19b-4: Exchange rule for filing proposed changes.
Cboe & NYSE Arca: Exchanges proposing new crypto ETF rules.
Sources
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