The U.S. Securities and Exchange Commission (SEC) has delayed decisions on altcoin ETFs, extending review timelines for Bitwise and Grayscale filings until November 12.
Rising ETF Backlog Signals Growing Pressure
The SEC's caution comes amid a surge of new applications. As of late August, 92 crypto-related ETF products awaited decisions, which included 31 spot altcoin ETF filings in the first half of 2025. Solana and XRP accounted for the largest share, with eight and seven applications, respectively.
Grayscale and Bitwise Push Ahead
Both Bitwise and Grayscale remain central players in the ETF race. Bitwise filed for its Dogecoin ETF in March, which began statutory review that month. Grayscale is pushing forward with its Hedera ETF while also updating plans for long-standing products.
Broader Implications for Crypto Markets
The delays emphasize the SEC’s cautious stance on altcoins. While U.S. regulators have softened some enforcement actions since January, they remain restrained when it comes to altcoin ETFs. Institutional interest continues to climb, and there is a demand for similar access to a broader range of cryptocurrencies.
The SEC shows it is unwilling to fast-track altcoin ETFs, while Bitcoin and Ethereum products gain approval. The regulatory environment for altcoin ETFs remains unsettled.
