News 
May 23, 2025 
5 min. 
Asset management powerhouse VanEck has voiced strong concerns over the U.S. Securities and Exchange Commission’s (SEC) ongoing delays in ruling on Bitcoin ETF decisions and broader cryptocurrency-related ETF applications. The firm argues that the SEC’s lack of transparency is leaving the investor community in the dark.
Matthew Sigel, Head of Digital Assets Research at VanEck, openly criticized the regulatory body, stating that investors “deserve better” than continuous postponements and the absence of meaningful public feedback.
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VanEck Slams SEC Over Delays in Bitcoin ETF Decisions
VanEck’s Head of Digital Assets Research, Matthew Sigel, has criticized the U.S. Securities and Exchange Commission (SEC) for yet another delay. This time, the issue concerns CBOE’s 19b-4 filing to list options on VanEck’s spot Bitcoin ETF, which trades under the ticker ‘HODL’. In addition, the SEC has also postponed a decision on VanEck’s proposal to enable in-kind creations and redemptions for the same fund.
Taking to X (formerly Twitter), Sigel voiced frustration over the SEC’s pattern of withholding clear explanations when deferring decisions. He tagged Commissioner Hester Peirce, head of the SEC’s newly formed Crypto Task Force, calling attention to the lack of communication from the regulatory body.
With no formal reasoning offered, ETF issuers are left speculating about potential flaws in their applications. Sigel described the SEC’s handling of the process as both “confounding and frustrating.”
Representing the broader crypto investment community, Sigel emphasized that stakeholders in the Bitcoin ETF space deserve more openness and urgency from the Commission. According to him, the continued delays and silence reflect poorly on the SEC’s ability to meet the expectations of an evolving financial market.
SEC Crypto ETF Delays Mount as Industry Waits for Clarity
The U.S. Securities and Exchange Commission (SEC) has once again extended the waiting game for crypto exchange-traded fund (ETF) approvals, fueling uncertainty across the digital asset industry. In a recent wave of postponements, the regulator delayed its decision on multiple high-profile filings, including CoinShares’ proposed spot XRP ETF.
Rather than issuing a definitive ruling, the SEC opted to open a public comment period for the application, inviting opinions and counterarguments. This move pushed the next decision deadline to August 24, a significant extension from the original May 26 timeline.
Meanwhile, asset management giant Fidelity also faced setbacks. Its bid to incorporate in-kind redemptions into its spot Bitcoin and Ethereum ETFs has been met with silence. In this case, the SEC has not even offered a tentative timeline for a final verdict, raising further questions about its approach to crypto-focused financial products.
While the Commission remains quiet about its long-term intentions, industry experts like VanEck’s Matthew Sigel argue that the pattern of delays and lack of transparency warrants greater scrutiny. With more investors and institutions waiting on clear regulatory signals, the pressure is mounting on the SEC to provide definitive answers in a rapidly evolving market.
Altcoin ETF Momentum Builds Despite Regulatory Uncertainty
Despite persistent delays from the U.S. Securities and Exchange Commission (SEC), asset managers appear undeterred in their pursuit of launching new cryptocurrency exchange-traded funds (ETFs). Contrary to expectations of a slowdown, the pipeline for crypto ETF applications is expanding rapidly and aggressively.
Several prominent firms have recently submitted proposals to list and trade ETFs linked to alternative cryptocurrencies such as Cardano, Polkadot, Solana, and XRP. Industry observers suggest that this trend is far from over, with more altcoin-focused products likely to surface in the coming months.
The surge in filings may reflect growing confidence under a U.S. administration seen as more receptive to digital assets. While the SEC continues to delay decisions on key Bitcoin and Ethereum ETFs, it has not outright rejected new proposals. In fact, the agency recently acknowledged a filing from Canary Digital for a staked TRON ETF. This development has fueled optimism across the TRON ecosystem and the broader crypto community.
As asset managers push forward, the growing interest in altcoin ETFs signals a wider shift toward mainstream adoption. Regulators may soon have to catch up with the pace of innovation.
