The U.S. Securities and Exchange Commission (SEC) postponed decisions on nine cryptocurrency exchange-traded fund (ETF) applications on August 18, 2025, extending review periods for products tied to Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Litecoin (LTC), and Dogecoin (DOGE). Affected proposals include Truth's spot Bitcoin and Ethereum ETFs, CoinShares' spot Litecoin ETF, multiple XRP ETFs from 21Shares, CoinShares, Bitwise, Canary, and Grayscale, and Grayscale's spot Dogecoin ETF.
The delays align with the SEC's effort to establish a comprehensive digital asset framework for crypto ETFs, replacing the current case-by-case approval system. Bloomberg ETF analysts Eric Balchunas and James Seyffart noted this strategy aims to create generic listing standards evaluating metrics like market capitalization, trading volume, and liquidity before approving individual products. Seyffart emphasized this approach would provide "clear rules of the road" for sponsors.
Under the proposed framework, ETF issuers would bypass Form 19b-4 filings if underlying tokens meet predetermined criteria, instead submitting Form S-1 with a standardized 75-day review. Most delayed applications now face October 2025 deadlines. The XRP ETF delays carry added complexity due to the SEC's ongoing lawsuit against Ripple, amplifying regulatory uncertainty despite prior rulings on XRP's non-security status in certain contexts.