The U.S. Securities and Exchange Commission (SEC) has once again delayed major decisions in the crypto ETF space. The regulator has pushed back approvals for Ethereum staking proposals from prominent financial firms, including BlackRock, Fidelity, and Franklin Templeton, keeping the crypto market on edge.
According to a filing on September 10, the SEC has extended its review of ETF applications aiming to incorporate staking features and track leading altcoins. Notably, BlackRock’s proposal to enable Ethereum staking within its iShares Ethereum Trust, originally set for a decision by September 15, has now been postponed to October 30, 2025.
If approved, this ETF would mark the first of its kind. The SEC cited the need for additional time to thoroughly review the proposals as the reason for the delay.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the agency wrote.
The SEC has also extended the review period for Fidelity’s proposal to add staking features to its Ethereum ETF, moving the deadline to November 13. BlackRock, Fidelity, and Franklin Templeton are not alone in facing setbacks. Other postponed approvals include CBOE’s 21Shares Ethereum ETF, now due October 23, and NYSE’s Grayscale Ethereum ETF, pushed to October 29.
These delays indicate that the SEC is proceeding cautiously, particularly with staking products, which have historically raised concerns over custody, market manipulation, and investor protection.
Beyond staking ETFs, other applications have also been postponed. Franklin Templeton’s proposals to launch funds tracking Solana and XRP have been given a new deadline of November 14.
Why the SEC is delaying crypto ETFs
While the SEC has cited only the need for additional review time, the broader context points to regulatory concerns over staking mechanics and altcoin classifications. The Commission may also be waiting to finalize its proposed Generic Listing Standards—a framework intended to streamline the approval process for crypto-based ETFs. If adopted, these standards could allow funds to bypass the traditional Form 19b-4 process and gain approval after a 75-day review period.
Institutional interest in crypto investment vehicles has been growing, driven in part by a crypto-friendly environment under the Trump administration and SEC Chairman Paul Atkins. However, more than 90 crypto ETFs remain in regulatory limbo. Since the approval of Bitcoin and Ethereum ETFs in early 2024, the SEC has maintained a conservative stance, leaving the industry on edge as the October and November deadlines approach.
