TLDR
- SEC delays BlackRock and Franklin Templeton crypto ETF decisions until October and November 2024
- BlackRock’s Ethereum staking proposal deadline extended to October 30, 2024
- Franklin Templeton’s Solana and XRP ETF decisions pushed to November 13-14, 2024
- SEC continues delaying multiple crypto ETF applications despite pro-crypto stance under new leadership
- Commission has at least 92 crypto-linked ETF proposals under review as of August 2024
The U.S. Securities and Exchange Commission (SEC) has made headlines once again by delaying crucial decisions on several high-profile crypto exchange-traded fund (ETF) applications. This isn’t just a minor setback; it involves major players like BlackRock and Franklin Templeton, which have been eagerly awaiting approvals for their crypto funds. The SEC’s recent filings indicate that the commission has pushed back deadlines significantly, a move that has left investors and analysts pondering the reasons behind these delays.
According to the latest updates, BlackRock’s iShares Ethereum Trust staking proposal now has a deadline of October 30, 2024, after an extension from what was initially September 15. This proposal aims to enable the ETF to stake Ethereum tokens, a process that allows token holders to earn rewards by participating in the network’s upkeep. Meanwhile, Franklin Templeton, another heavyweight in the asset management space, faces new deadlines: November 13 for its Ethereum staking application and November 14 for its Solana and XRP ETF proposals. These applications were first filed in mid-March and have since been under thorough review.
JUST IN: SEC HITS PAUSE ON STAKING
The SEC has delayed a decision on allowing staking in BlackRock’s spot $ETH ETF. pic.twitter.com/jZNp7YeB9n
— Wise Advice (@wiseadvicesumit) September 10, 2025
Current Review Process
The SEC operates under Section 19(b) of the Securities Exchange Act concerning ETF approvals. Typically, the commission has a 45-day window to act on proposed rule changes, which can extend up to 90 or even 180 days for complex cases. The recent extensions indicate that the SEC is exercising this flexibility to thoroughly evaluate these multifaceted proposals. It’s noteworthy that the filings do not reveal the SEC’s stance on these applications, which leaves a layer of uncertainty hanging in the air.
The agency has expressed the need for additional time to assess the specifics of these applications. Officials have stated that longer review periods are warranted, allowing them to consider the proposals’ implications comprehensively. For asset managers, however, these protracted timelines can create an environment of uncertainty and stress regarding their financial strategies and offerings.
Broader Crypto ETF Delays
The SEC’s recent actions go beyond just BlackRock and Franklin Templeton. In fact, the commission has postponed decisions on numerous other crypto ETF applications, showcasing the complicated landscape of regulatory oversight in the digital asset space. For instance, the Bitwise Dogecoin ETF and the Grayscale Hedera ETF reviews have also been delayed to November 12. Just this past August, the agency issued multiple extensions on outstanding applications, including NYSE Arca’s Truth Social Bitcoin and Ethereum ETF, pushing back their decisions to October 8, and further delays for other ETFs related to Solana and XRP.
This wave of delays indicates a broader trend where regulatory scrutiny remains high. Asset managers looking to invest in crypto ETFs must now grapple with a complex approval process, creating hurdles in capitalizing on market trends.
Policy Shifts and Market Context
Since early 2025, the SEC has begun reevaluating its approach toward digital asset trading and related regulations. Chair Paul Atkins initiated “Project Crypto” on July 31, aiming to streamline regulations pertaining to digital assets. The goal of this initiative is to create a unified framework covering trading, lending, and staking of digital currencies, reflecting a significant shift in the SEC’s philosophy. At a recent conference in Paris, Atkins stated, “Crypto’s time has come,” signaling a more welcoming stance toward digital asset proposals.
Additionally, the SEC has clarified that staking activities are not considered securities, which could pave the way for the eventual approval of staking-enabled ETFs in the future. Notably, the REX-Osprey Solana ETF, the first of its kind, has already integrated staking features, showcasing the evolving landscape of investment opportunities.
As of late August 2024, the SEC was reportedly reviewing at least 92 crypto-linked ETF proposals, which reflects an ongoing backlog despite the agency’s declared pro-crypto orientation. This raises questions about the actual efficiency and pace of regulatory processes in this rapidly changing market.
With final deadlines for various Ethereum staking proposals looming, asset managers remain on edge. Decisions for 21Shares Ethereum ETF staking are due on October 23, and Grayscale’s ETH ETF staking proposal has an October 29 deadline—just a day before BlackRock’s crucial decision date. As the cryptocurrency market continues to evolve, the spotlight remains on the SEC and how these decisions will ultimately shape the landscape of crypto investments.
