The U.S. Securities and Exchange Commission (SEC) has once again postponed its decisions on several high-profile spot altcoin exchange-traded funds (ETFs), including applications from Bitwise, Grayscale, and VanEck. This move continues a pattern of regulatory delays that has left crypto firms and investors seeking greater clarity on the future of digital asset investment products .
Key ETF Applications Face Delays
Among the ETFs affected are the Bitwise Dogecoin ETF, Grayscale Hedera Trust, and VanEck Avalanche ETF. Despite a wave of new filings and growing anticipation for progress under the SEC’s new leadership, the Commission has opted to extend its review period. Industry experts note that such delays are not unusual, as the SEC often uses the full 240-day review window before issuing final decisions on crypto ETF applications .
Industry Frustration Over Approval Process
Asset managers like VanEck and 21Shares have publicly criticized the SEC’s approach, particularly its departure from the traditional “first-to-file” policy. In a formal letter, these firms argued that the lack of a clear, orderly process disadvantages early filers and disrupts healthy competition in the ETF market. The ongoing uncertainty has prompted calls for a more transparent and predictable regulatory framework.
Signs of Progress for Solana ETF
In a notable development, the SEC recently requested that issuers of the pending Solana ETF update their S-1 filings. Historically, such requests have signaled that the review process is nearing completion. Market analysts, including Bloomberg’s Eric Balchunas, estimate that approvals for Solana ETFs could arrive within two to four months, though broader altcoin ETF approvals are now expected in late 2025 .
Ripple Case Edges Toward Settlement
Separately, the SEC and Ripple Labs have jointly asked a Manhattan court to dissolve a longstanding injunction in their ongoing legal dispute. The proposed resolution includes a $50 million payment to the SEC and the release of $75 million from escrow back to Ripple. This move follows a previous denial by Judge Analisa Torres but now signals a mutual interest in ending the litigation and moving forward.
What’s Next for Crypto ETFs?
The SEC maintains that initiating proceedings does not indicate a final decision and continues to encourage public comments on proposed rule changes. While some in the industry remain optimistic about eventual approvals, most analysts now expect final rulings on major altcoin ETFs, including those for XRP and Dogecoin, to arrive in the fourth quarter of 2025 .
“The SEC is taking a cautious, methodical approach to ensure investor protection and market integrity, but the industry is eager for more timely and transparent decisions,” said a leading ETF analyst.
