SEC Delays Crypto ETF Verdict—Again—Kicking Can to Late 2025
Regulators stall on crypto’s big institutional moment as Wall Street watches the clock tick.
Another delay, another sigh from traders. The SEC’s latest punt on Bitcoin and crypto ETFs means more limbo for an industry desperate for mainstream validation. No surprises here—just the usual bureaucratic slow-roll wrapped in ’careful consideration.’
Behind the scenes: Asset managers scramble to tweak filings while crypto markets shrug. After all, what’s another year when you’ve survived a decade of regulatory whiplash?
The cynical take: Maybe the SEC’s waiting for traditional finance to invent its own blockchain—one that only settles trades during business hours.
Decisions expected later this year
The agency’s latest moves follow a broader pattern of staggered reviews across more than 70 crypto ETF proposals, which remain in various evaluation stages. On April 29, the SEC delayed decisions on five other crypto-related ETFs.
Bloomberg ETF analysts James Seyffart and Eric Balchunas described the current cycle of delays as routine.
Seyffart said the delay was “expected,” and most of the affected products face final deadlines no earlier than October.
Balchunas added that the SEC is unlikely to issue substantive approvals until recently confirmed Chair Paul Atkins completes internal meetings and strategy sessions with staff.
He said:
Regulatory roadmap
SEC decisions on crypto ETF applications follow a multi-stage statutory process based on the publication of proposed rule changes in the Federal Register.
The agency typically operates on review intervals of 45, 90, 180, and 240 days, allowing multiple opportunities to delay decisions before reaching a final deadline.
The regulator’s recent actions are consistent with its historical practice of extending reviews to the full statutory limits before issuing decisions.
No ETF in this group faces a final deadline before late in the third quarter, leaving applicants and investors awaiting further clarity on the regulatory trajectory for crypto-linked investment vehicles.
