Senior Bloomberg analyst Eric Balchunas suggested the SEC could be delaying Grayscale’s ETF to finalize new crypto exchange-traded product (ETP) listing standards and coordinate launches of altcoin spot ETFs

Quotes that support claims

My guess tho: They want to issue the crypto ETP listing standards before any '33 act spot ETFs hit market with these other coins.

Meanwhile, Bloomberg senior ETF analyst Eric Balchunas assessed that the SEC could be waiting for the first spot ETFs tracking Solana, Cardano, and XRP to hit the market before allowing Grayscale to trade its multi-asset fund.