SEC delays decision on Ether staking and XRP ETFs, as analysts expected

The US Securities and Exchange Commission has delayed its determination connected Bitwise’s exertion to adhd staking to its Ether exchange-traded money and connected Grayscale’s XRP ETF bid, which analysts had expected.

The SEC said connected May 20 that it needed to widen its determination connected Bitwise’s exertion by 45 days to “consider the projected regularisation alteration and the issues raised therein.” The bureau needed to either determine oregon punt its determination by May 22.

The bureau besides delayed deciding connected Grayscale’s XRP (XRP) tracking ETF and Bitwise’s Solana (SOL) tracking money portion it seeks nationalist comments and begins “proceedings to let for further analysis” of the proposals to guarantee they conscionable regulatory standards.

Bloomberg ETF expert James Seyffart said connected X that some delays were expected arsenic the SEC “typically takes the afloat clip to respond to a 19b-4 filing.”

“Almost each of these filings person last owed dates successful October,” and an aboriginal determination would beryllium “out of the norm,” Seyffart added. 

“No substance however Crypto-friendly this SEC is. There’s nary conspiracy here,” helium said.

Source: James Seyffart

Seyffart said delays connected different spot crypto ETF bids are besides expected, and the SEC is apt to hold deciding connected Litecoin (LTC) ETFs too.

However, helium added, "Litecoin is 1 that has a higher likelihood vs others of getting approved first.”

“A clump of XRP ETPs person dates successful [the] adjacent fewer days. If we’re gonna spot aboriginal approvals from the SEC connected immoderate of these assets, I wouldn’t expect to spot them until precocious June oregon aboriginal July astatine the implicit earliest. More apt to beryllium successful aboriginal 4Q,” Seyffart added.

SEC dealing with flood of ETF filings 

Several different crypto ETF applications are approaching SEC deadlines successful June. The SEC is expected to determine connected Grayscale’s Polkadot (DOT) tracking ETF by June 11 and 21Shares’ Polkadot ETF connected June 24, according to an SEC filing.

Related: SEC charges Unicoin crypto level implicit alleged $100 cardinal fraud

The SEC received a raft of altcoin ETF filings successful the aftermath of Donald Trump’s predetermination successful November and the pursuing resignation of erstwhile SEC Chair Gary Gensler.

The manufacture saw Gensler’s clip astatine the SEC arsenic an epoch marked by an aggressive regulatory stance toward crypto, with 100 crypto-related regulatory actions during his tenure from 2021 until his resignation connected Jan. 20.

With Genlser’s departure, the SEC is perceived arsenic acold much crypto-friendly, with respective firms facing ineligible enactment from the regulator having had their cases dismissed, including crypto speech Gemini on Feb. 26 and crypto trading steadfast Cumberland DRW connected March 4.

Magazine: SEC’s U-turn connected crypto leaves cardinal questions unanswered