The U.S. Securities and Exchange Commission (SEC) extended its review period for several high-profile cryptocurrency exchange-traded fund (ETF) applications. These include proposals from BlackRock, Grayscale, and 21Shares, which are now subject to longer evaluation timelines. The delays come amid growing investor interest and public feedback, affecting a range of crypto assets.
SEC Delays Grayscale’s Solana and Litecoin ETF Applications
The SEC has ruled on Grayscale’s proposed spot, so Solana (SOL) and Litecoin (LTC) ETFs are on hold. The agency pushed the deadlines for reviewing such applications to August 11th and October 10th, respectively. This move follows its review procedure, which consists of several windows of delay before any final ruling.
Grayscale filed these filings this year as part of its overall ETF plan that targets leading cryptocurrencies. The delay from the SEC allows for more study and public responses to both proposals. This step is in keeping with its practice of the maximal use of the periods of statutory review prior to the final approvals.
No definitive conclusion will be decided soon, but the time given points toward concluding sometime in 2025. Grayscale’s filings are under review, but the SEC has not signaled preliminary approval. Investors and other stakeholders will now be keen to see how the process will progress after being prolonged to the next review phases.
SEC Postpones BlackRock’s In-Kind Redemption Request
The SEC also delayed action on BlackRock’s request to modify redemption mechanisms for its approved spot Bitcoin ETF. The firm had requested permission to offer in-kind redemptions rather than cash-based transactions. However, the SEC has not announced a new deadline for this request.
BlackRock introduced this proposal to improve institutional investors’ liquidity and efficiency. While the fund is already approved, changes to its technical operations require additional SEC review. The delay reflects the agency’s cautious approach to structural adjustments within approved ETF products.
Public comments and internal consultations are part of the reason behind this deferral. The SEC continues to meet with stakeholders while evaluating the implications of in-kind redemptions. BlackRock remains engaged with the agency and has not withdrawn its request amid the delay.
SEC Begins Review for 21Shares Dogecoin ETF
The SEC has officially acknowledged the 19b-4 filing for a 21Shares spot Dogecoin (DOGE) ETF. This starts the statutory review under which a decision must be made within a specified timeframe. The filing marks the agency’s beginning to consider this new crypto-linked product.
Unlike the delayed applications for Grayscale and BlackRock, the 21Shares filing has just entered its initial review stage. This allows the SEC to begin gathering comments and conducting its internal analysis. The timeline now follows statutory intervals that could extend through the remainder of the year.
The DOGE ETF filing indicates rising interest in expanding retail-accessible crypto investment options. The SEC’s early acknowledgment shows procedural readiness, though no decision has yet been made. Stakeholders now await whether the agency will continue its pattern of delays or move toward approval.
FAQs
Why did the SEC delay BlackRock’s ETF decision?
The SEC delayed BlackRock’s in-kind redemption request to allow further internal reviews and gather public feedback.
What is the new deadline for Grayscale’s Solana ETF?
Following the SEC’s timeline extension, Grayscale’s Solana ETF deadline is now August 11, 2025.
Has the SEC given any signal of approval?
No, the SEC has not indicated any decision or support for approval on these applications yet.
What is the focus of BlackRock’s ETF modification?
BlackRock aims to enable in-kind redemptions to enhance the operational efficiency of its Bitcoin ETF.
When will the 21Shares Dogecoin ETF decision be made?
The SEC has just acknowledged the filing, so the decision will follow the full statutory review timeline.
Glossary of Key Terms
BlackRock – A global asset manager that operates one of the world’s largest investment funds, including crypto ETFs.
ETF (Exchange-Traded Fund) – A market-traded investment product that tracks the performance of specific assets or indices.
SEC (U.S. Securities and Exchange Commission) – The federal agency regulating securities markets in the United States.
19b-4 Filing – A formal proposal submitted to the SEC to amend exchange rules, often used for ETF applications.
In-Kind Redemption – A process where ETF shares are exchanged for actual assets rather than cash, used to reduce tax and trading costs.
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