When Paul Atkins replaced Gary Gensler, things were expected to change with the SEC, and they have, to a large extent. However, people have still complained about how sluggish the agency is with the lack of urgency in considering ETF applications.
It has delayed making a decision on several spot altcoin exchange-traded funds, and the delay has become a common occurrence in recent months, frustrating many.
Dozens of spot crypto ETF filings are pending SEC approval
On Thursday, the SEC shared its next steps on the Bitwise Dogecoin ETF, Grayscale Hedera Trust, and the VanEck Avalanche ETF.
According to the agency, the “Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved.” However, “the Commission seeks and encourages interested persons to provide comments on the proposed rule change.”
This latest delay comes two days after the SEC reportedly requested that spot Solana ETF issuers update their S-1 filings. This historically means approval is closer, with Bloomberg’s Eric Balchunas estimating that approval could happen within the next two to four months.
As things stand, the SEC is expected to approve dozens of spot crypto ETF filings. However, the agency is taking its time despite the new leadership.
“We have received comments from the SEC and have been asked to address and file an amended S-1, which we plan to do so shortly,” a 21Shares representative said on Wednesday with regards to the firm’s SOL ETF submission.
Notably, VanEck and 21Shares have expressed concerns about the SEC’s apparent failure to practice a “first-to-file approach,” which would allow the agency to greenlight product proposals on a first-come, first-served basis.
“The failure to follow this practice has frustrated the regulatory principles of innovation, fairness and competition in the financial markets,” the firms wrote in a letter this week. “To that end, we respectfully request your prompt reinstatement of the Commission’s longstanding first-to-file approval principle for registration statements. Simply put, when the Commission plays favorites, it costs ETP sponsors money and makes the ETP marketplace less fair.”
The SEC’s pace frustrates many
Many have criticized the SEC for its sluggish approach towards approving spot crypto ETF filings, but that’s not the only thing that has experienced delays.
The SEC’s case against Ripple, which has been a cloud over $XRP for quite some time, has faced many delays but some say it is finally about to come to an end.
🚨NEW: The @SECGov and @Ripple have jointly requested a Manhattan District court to dissolve the injunction in their ongoing case and release the $125 million civil penalty held in escrow.
They’re proposing that $50 million be paid to the SEC, with the remaining funds returned… pic.twitter.com/UopQuQNG5q
— Eleanor Terrett (@EleanorTerrett) June 12, 2025
According to Eleanor Terrett, the SEC and Ripple have jointly requested a Manhattan District court to dissolve the injunction in their ongoing case and release the $125 million civil penalty held in escrow.
She reported that the proposal, which states that $50 million be paid to the SEC, with the remaining funds returned to Ripple, is the latest in the broader effort to settle the case, end the pending appeals, and avoid further legal proceedings between the two parties.
The filing reportedly argues that “exceptional circumstances” — including a settlement, the SEC’s shift in crypto policy, and a desire to avoid further litigation — justify modifying Judge Torres’s final judgment.
It comes after her May decision, where she denied a similar request for modification. Sentiments on X are hopeful the end of the case is finally here but there are pessimists who think there will be more delays before any resolution is reached.
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