The U.S. Securities and Exchange Commission (SEC) has continued to delay decisions on multiple spot cryptocurrency exchange-traded fund (ETF) applications and related proposals throughout mid-2025. The SEC postponed its ruling on the VanEck spot Avalanche (AVAX) ETF in June. Shortly after, the agency delayed decisions on Franklin Templeton’s spot XRP ETF and 21Shares’ spot Polkadot (DOT) ETF, extending the review period and adding uncertainty to the institutional adoption timeline for these assets. At the end of June, the SEC also postponed its decision on Bitwise’s proposal to add staking features to its spot Ethereum (ETH) ETF, seeking additional public feedback. In July, the SEC further delayed decisions on Bitwise’s proposals to allow in-kind redemptions for its spot Bitcoin (BTC) and Ethereum ETFs, setting a new deadline for September 8, 2025. The agency also postponed rulings on the Truth Social spot Bitcoin ETF, extending the review period until September 18, 2025, and delayed the Grayscale spot Solana (SOL) ETF application. These delays reflect the SEC’s cautious approach as it evaluates a growing number of cryptocurrency ETF applications and related features.