SEC Pushes Decision on Franklin’s Solana ETF to Nov. 14 as Backlog Grows
The Securities and Exchange Commission (SEC) extended its decision deadline for Franklin Templeton’s Solana and XRP ETF proposals to November 14, utilizing the utmost 60-day extension authority earlier than issuing closing rulings.
The regulator additionally postponed BlackRock’s iShares Ethereum Trust staking modification to October 30, including 45 days to the unique timeline.
SEC Needs More Time to Decide
SEC filings point out the company wants “adequate time to take into account” the proposals with out revealing approval or denial leanings. The delays comply with Chair Paul Atkins’ July 31 “Project Crypto” initiative, designed to modernize securities guidelines and unify digital asset frameworks.
Franklin’s Cboe BZX filings for Ethereum, Solana, and XRP merchandise have been submitted in mid-March, whereas Nasdaq filed BlackRock’s Ethereum staking modification on July 16. The extensions signify normal regulatory process underneath Section 19(b) of the Securities Exchange Act.
Bloomberg analysts mission over 95% chance for Solana and XRP ETF approvals this yr regardless of continued delays.
Prediction markets assist institutional optimism with Solana ETF approval odds reaching 99% on Polymarket.
The postponements contribute to a rising backlog, with 92 crypto ETF applications awaiting SEC assessment as of August 29.
Recent delays embody Bitwise Dogecoin ETF, Grayscale Hedera Trust, Truth Social Bitcoin and Ethereum ETF, and a number of altcoin proposals.
Additionally, Grayscale’s Hedera Trust was pushed to November 12, and numerous XRP, Dogecoin, and Litecoin proposals are scattered throughout October and November deadlines.
Strategic Delay Pattern Points to Generic Listing Overhaul
Bloomberg Senior ETF Analyst Eric Balchunas attributes delays to SEC coordination with generic itemizing requirements requested by Cboe and NYSE in July.
The exchanges proposed amendments permitting automated crypto ETF listings with out case-by-case regulatory assessment. Current pointers require separate proposed rule modifications for every crypto ETF software, making a 240-day assessment course of.
Generic itemizing requirements would remove rigorous analysis necessities for sure merchandise assembly predetermined standards.
Balchunas expects “flood of ETFs most likely in a pair months” following generic requirements approval anticipated in early October.
The streamlined course of would speed up a number of product launches concurrently, fairly than staggered separate approvals.
ETH staking integration seems possible with the SEC’s openness to “working with issuers and fixing issues” underneath the present management.
@BlackRock has met with the SEC’s Crypto Task Force to focus on the regulatory remedy of staking in crypto exchange-traded merchandise (ETPs).#BlackRock #SEChttps://t.co/c6n5b3ioKX
— Cryptonews.com (@cryptonews) May 10, 2025
BlackRock has argued since May that Ethereum ETFs stay incomplete with out staking performance enabling yield era.
The regulator beforehand delayed 21Shares Core Ethereum ETF staking selections alongside the Trump media firm Truth Social’s proposals.
Industry giants, together with Grayscale and 21Shares, preserve functions for Ethereum staking ETFs whereas pursuing trust-to-ETF conversions for current altcoin merchandise.
Grayscale seeks authorization for Litecoin, Solana, Dogecoin, XRP, and Avalanche ETF constructions.
Institutional Momentum Builds Amid Regulatory Uncertainty
BlackRock engaged the SEC’s Crypto Task Force in May discussions about staking remedy inside exchange-traded merchandise and tokenization potential for conventional securities.
The world’s largest asset supervisor operates BUIDL, a $2.9 billion tokenized Treasury fund. The agency argued that staking permits full Ethereum ETF performance via proof-of-stake community participation.
Canadian and European markets already supply crypto ETFs with staking, whereas U.S. regulatory approval stays pending.
Additionally, the Crypto Council for Innovation, backed by a16z crypto, Consensys, and Kraken, petitioned the SEC for staking regulatory readability.
Current uncertainty impacts over 70 crypto ETF functions spanning various digital property past Bitcoin and Ethereum. Solana treasury corporations are positioning tens of billions in accumulation funds, anticipating ETF approvals.
President Trump’s pro-crypto stance since his January inauguration has created regulatory optimism. While the SEC is working to restructure rules, Chair Atkins declared “Crypto’s time has come” on the OECD Roundtable on Global Financial Markets.
The systematic delay sample is probably going a coordinated technique fairly than application-specific considerations.
Generic itemizing requirements approval may set off simultaneous product launches addressing accrued demand throughout altcoin classes.
XRP maintains 92% approval chance on Polymarket, climbing from 64% in August. Dogecoin stands among the many meme cash with favorable 94% odds, greater than doubling from 44% in June.
Amid all this, institutional demand continues to construct regardless of regulatory uncertainty, with Bitcoin spot ETFs recording complete internet inflows of $757 million yesterday, marking the third consecutive day of internet inflows.
At the identical time, Ethereum spot ETFs noticed complete internet inflows of $172 million, with BlackRock’s ETHA main at $74.5 million.
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