SEC delays decision on XRP, Solana, Litecoin, Dogecoin ETFs

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on several proposed exchange-traded funds (ETFs) focused on XRP, Solana, Litecoin, and Dogecoin.

In multiple filings on March 11th, the SEC announced an extended review period for the proposed rule changes necessary for these ETFs' approval. This delay impacts filings from Grayscale's XRP ETF and Cboe BZX Exchange's spot Solana ETF, with decisions now pushed back to May.

Source: SEC

Bloomberg ETF analyst James Seyffart, in a March 11th X post, downplayed the delay, characterizing it as standard procedure and not a cause for concern. He noted that the SEC's chair, Paul Atkins (a Donald Trump appointee), hasn't yet been confirmed by Congress. Seyffart maintained a relatively optimistic outlook regarding eventual approval, pointing out that the final deadlines aren't until October.

Source: Samuel Maverick

Fellow Bloomberg ETF analyst Eric Balchunas echoed this sentiment, stating that multiple ETF applications were delayed, including those involving Ether (ETH) staking and in-kind redemptions.

The delay follows President Trump's December appointment of pro-crypto businessman and former SEC Commissioner Atkins as the agency's next chair. However, congressional confirmation hearings remain unscheduled. This isn't the SEC's first extension; on February 28th, they extended the deadline for Cboe Exchange's request to list options tied to Ether (ETH) ETFs.

These recent delays followed a surge in altcoin ETF filings after President Trump's election and the resignation of former SEC Chair Gary Gensler. Gensler's tenure, marked by what the industry described as an aggressive regulatory approach to crypto, included over 100 crypto-related regulatory actions from 2021 to his January 20th resignation.

Since Gensler's departure, several firms previously facing SEC legal action have seen their cases dismissed, including crypto exchange Gemini (February 26th) and crypto trading firm Cumberland DRW (March 4th). Additionally, acting SEC Chairman Mark Uyeda proposed abandoning part of a rule change that would have expanded regulation of alternative trading systems to include crypto firms.

Related: Altcoin ETFs are coming, but demand may be limited: Analysts