The United States Securities and Exchange Commission has again delayed decisions on several crypto ETF applications filed by major institutions. Regulators outlined new deadlines covering proposals from BlackRock and Franklin Templeton, both of which focus on altcoins and Ether staking products.
According to filings, the SEC altered the Franklin Templeton Ethereum staking amendment deadline to November 13, joining the Solana and XRP products. BlackRock’s iShares Ethereum Trust staking proposal now has a deadline of October 30, following an initial posting for an earlier ruling.
The SEC signaled that it requires additional time to consider each proposal fully, using all extensions allowed under existing law. Franklin Templeton presented its Ethereum, Solana, and XRP proposals to Cboe BZX in March and to BlackRock via Nasdaq in July.
Up to 180 total days can stretch deadlines under Section 19(b) of the Securities Exchange Act. In cases where complexity or potential impact on markets requires more thought before reaching final determinations, the officials add 60 days.
SEC Introduces Project Crypto For Regulation
SEC Chairman Paul Atkins revealed “Project Crypto” on July 31, an initiative looking to refine rules for the markets for digital assets. Speaking at the Paris OECD Roundtable, Atkins emphasized convergent models for global securities platforms for the purposes of staking, lending, and trading.
In spite of the forward-thinking methodology, the SEC continually puts off ETF action, lengthening the period of review over several digital asset-backed products. Tuesday, the regulators held back applications for the Bitwise Dogecoin ETF and the Grayscale Hedera ETF, pushing both votes back to November 12.
In August, the regulators delayed deadlines for the NYSE Arca’s Truth Social Bitcoin and Ethereum ETFs through October 8, citing evaluation requirements. Additional extensions were seen for the 21Shares Solana ETF and the Bitwise Solana ETF, both now scheduled for decisions by around October 16.
The SEC also delayed rulings for the WisdomTree XRP Fund through October 24 and the 21Shares Core XRP Trust through October 19. Regulators also delayed the Canary PENGU ETF the same day, pushing its deadline for the decision back to October 12 for more scrutiny.
In late August, reports confirmed the SEC oversaw at least ninety-two crypto ETF applications still awaiting final determination.
