SEC Pushes Back Crypto ETF Approvals

The United States Securities and Exchange Commission (SEC) has once again deferred its decision on several cryptocurrency exchange-traded fund (ETF) applications, extending the review period until October 2025. This delay is reportedly due to the commission’s requirement for a more comprehensive evaluation of the changes proposed by these applications.

Which ETFs Are Affected?

The delayed cryptocurrency ETFs include the Truth Social Bitcoin and Ethereum ETFs as well as several XRP ETFs: CoinShares XRP ETF, 21Shares Core XRP ETF, Canary XRP Trust, and Grayscale XRP Trust. Additionally, other affected ETFs are the CoinShares Litecoin ETF and the 21Shares Core Ethereum ETF, which incorporates staking features. According to an SEC announcement dated August 18, 2025, these ETFs require extended scrutiny.

What Are the New Deadlines?

Under the revised schedule, decisions for these ETFs are staggered throughout October 2025. Specifically, Grayscale XRP Trust has a deadline of October 18, 2025, and the 21Shares Core XRP ETF on October 19, 2025. The CoinShares XRP ETF and Canary XRP Trust, along with the CoinShares Litecoin ETF and 21Shares Core Ethereum ETF, share an October 23, 2025, date for expected decisions.

The commission stated, “The Commission has determined that a longer review period is appropriate to have adequate time to decide whether to approve or disapprove the proposed rule changes.”

The SEC’s recent delay reflects its historical pattern of prolonging the evaluation process for crypto ETF applications, as seen with the agency’s handling of four Solana ETF proposals. For market observers, such delays are becoming increasingly anticipated, despite their impacts on strategies.

The persistent deferrals have already led to recalibrated approval probabilities on various forecasting platforms. Notably, the approval odds for the Litecoin ETF by year-end have decreased from 82% to 79%, while the probability for an XRP ETF approval has dipped from 77.6% to 77%.

As October approaches, market players are keenly watching the SEC in hope of a final determination. The continued deferrals introduce uncertainty for investors and developers, but successful approvals could enhance institutional interest in cryptocurrencies.

Market dynamics surrounding these ETFs are volatile, and the SEC’s eventual decision will significantly impact both financial strategies and investment approaches in the realm of crypto assets. Industry participants remain vigilant as the situation unfolds in the coming months.