Strategic Deferral by the SEC on Solana and XRP ETFs: the Commission has chosen to take more time.
Franklin Templeton has obtained an extension until November 14, 2025, using the maximum extension authority provided by the regulations, while the amendment on staking for BlackRock’s iShares Ethereum Trust has been postponed to October 30, 2025.
Meanwhile, the crypto product backlog awaiting approval has exceeded 90 requests, as reported by market analysis and report-specialist Bloomberg Intelligence, reigniting the discussion on listing rules and market timing.
According to the data collected by our research team on public filings between March and September 2025, the most frequent extensions concern files that include on-chain components (staking or conversion from trust to ETF).
Our analysts note that the SEC is focusing its reviews primarily on custody and surveillance-sharing criteria: in the monitored cases, the additional reviews have generally extended the timelines by 45-60 days compared to the initial deadlines.
The Commission has applied the maximum calendar extension allowed, postponing the decision on the ETFs proposed by Franklin Templeton on Solana and XRP to November 14, 2025.
In this context, for BlackRock, the SEC has added 45 days to the timeline of the amendment on the staking of the iShares Ethereum Trust, setting the new deadline to October 30, 2025.
In their respective orders, the SEC stated that it needs “sufficient time to consider” the proposals (SEC – SRO Filings).
That said, the passage reflects the need for further analysis on the monitoring of market surveillance, investor protection, and operational risks. The postponement also allows for coordination of any interventions on listing standards and market surveillance criteria, reducing margins of procedural uncertainty.
Extensions, although not equivalent to a refusal, are part of the regulatory practice for more complex dossiers. It must be said that the context is marked by a domino effect of requests with:
Regarding the approval probabilities, analysts from Bloomberg Intelligence have estimated a range around 90-95% for Solana and XRP, while on predictive markets like Polymarket the odds for a Solana ETF have reached 99% at certain stages.
However, these percentages remain indicative and cannot predict the definitive outcome of the regulatory assessment.
Each ETF follows a regulatory process under Section 19(b) that can extend up to 240 days. In summary:
In parallel, exchanges like Cboe and NYSE have proposed generic listing standards to allow the listing of certain crypto ETPs without a case-by-case review, provided predefined criteria (such as liquidity, custody, and surveillance-sharing) are met.
If approved, these standards could accelerate the introduction of more products to the market in quick succession. Indeed, discussions are currently underway, with an outcome hoped for around the beginning of October 2025 (timing subject to official confirmation).
BlackRock has argued that Ethereum ETFs are incomplete if not integrated with staking functionalities, capable of generating an on-chain yield to be redistributed to the fund (SEC – SRO Filings).
The topic is the subject of a technical discussion with the SEC, including a meeting with the Crypto Task Force held on May 10, 2025 (meeting memo and technical materials to be verified).
Meanwhile, Grayscale and 21Shares are also keeping applications open for ETFs that include staking functionalities and conversions from trusts to ETFs on various altcoins (see also 21Shares Launches DYDX ETP: New Opportunities).
In parallel, BlackRock manages BUIDL, a tokenized Treasury fund with assets under management estimated at 2.9 billion dollars according to market reports and notes (data to be confirmed through official statements).
The operation of on-chain products fuels the debate on how to integrate native functions, such as staking, into regulated vehicles.
