Key Takeaways
- The SEC has delayed decisions on Grayscale’s proposals to convert its Avalanche and Cardano trusts into spot ETFs.
- Rulings on ETFs tied to XRP, Solana, and Dogecoin have also been postponed.
- Despite repeated postponements, some analysts are viewing the delays as standard regulatory procedure.
The U.S. Securities and Exchange Commission (SEC) has once again postponed decisions on several crypto-related spot exchange-traded funds (ETFs), further testing the patience of investors.
SEC Avalanche Delays
On May 28, an SEC filing revealed that the agency had delayed its decision on Grayscale’s applications to convert its Avalanche and Cardano trusts into spot ETFs.
Originally scheduled for May 29, the decision has now been pushed to July 13.
Grayscale’s proposals seek to convert the existing Grayscale Avalanche Trust and Grayscale Cardano Trust into spot ETFs, investment products that would directly hold AVAX and ADA tokens.
If approved, these ETFs would allow institutional and retail investors to gain regulated exposure to these altcoins through traditional brokerage accounts.
Although the new July deadline falls within the SEC’s standard 240-day review window, the delay highlights the regulator’s continued caution in expanding spot ETFs beyond Bitcoin.
Broader ETF Delays
Despite growing market optimism, especially amid expectations of a more crypto-friendly regulatory environment under a potential Trump administration, the SEC has not yet approved a single spot ETF linked to an individual altcoin, including Ethereum, Solana, or XRP.
According to filings dated May 20, the SEC also postponed rulings on the 21Shares Core XRP Trust, the Grayscale XRP Trust, and the Grayscale Dogecoin Trust.
Additionally, the agency delayed its decision on Bitwise’s proposal to incorporate Ethereum staking into its ETF offering.
The next significant deadline for these applications is set for July 6, though the SEC could defer decisions until as late as October.
In its May 20 filing, the Commission stated:
“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.”
Standard Review Process
While the repeated delays have frustrated many investors, analysts say the pushbacks are part of the SEC’s standard review process for new digital asset products.
Bloomberg and BBC analyst James Seyffart noted that such delays were expected and do not necessarily signal a negative outcome.
“This doesn’t change our (relatively high) odds of approval,” Seyffart posted on X in March, adding that many final decisions may not come until the October 2025 deadline.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
