SEC Delays Decisions on Key Crypto ETFs Until October
According to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) has postponed its rulings on several significant cryptocurrency exchange-traded funds (ETFs), extending the review deadlines into October. The SEC's notices, filed on August 18, set new decision dates for these ETFs: October 8 for NYSE Arca’s Truth Social Bitcoin and Ethereum ETF, October 16 for 21Shares’ and Bitwise’s Solana ETFs, and October 19 for the 21Shares Core XRP Trust. The Truth Social Bitcoin and Ethereum ETF, submitted on June 24, is structured as a commodity-based trust that holds Bitcoin (BTC) and Ether (ETH) directly, issuing shares backed by these assets. Although it carries the branding of U.S. President Donald Trump’s Truth Social platform, it operates similarly to other spot Bitcoin and Ether ETFs currently available in the market.
Cboe BZX is also seeking approval for the first U.S. spot Solana ETFs through filings from 21Shares and Bitwise. These ETFs would hold Solana (SOL) tokens, providing investors with a secure method to gain exposure to Solana’s price movements. Additionally, 21Shares has filed a separate application to launch the Core XRP Trust, which is designed to hold XRP and track its market value. Initially filed in February and later amended, the trust was nearing its 180-day deadline before the SEC granted itself an additional 60 days for review.
The SEC's recent extensions are part of a broader trend of delays in ETF decisions, which have been occurring throughout the summer. Many of these decisions are expected to be finalized this fall. In March, Cointelegraph reported that the SEC had delayed decisions on multiple altcoin ETF proposals, including those tied to XRP, Litecoin, and Dogecoin. Among these was CoinShares’ application for a spot Litecoin ETF, which would hold Litecoin (LTC) directly and issue shares backed by the token. The SEC's extension placed its deadline within the same timeframe as other altcoin filings.
Separately, the SEC has extended its review of Bitwise’s request to allow in-kind creations and redemptions for its spot Bitcoin and Ethereum ETFs, with a decision now expected in September. This decision will determine whether investors can exchange ETF shares directly for the underlying cryptocurrency rather than cash. The SEC often utilizes its full extension periods to thoroughly evaluate new products and gather public feedback. Bloomberg ETF analyst James Seyffart noted that the SEC typically takes the full time to respond to a 19b-4 filing, with most filings having final due dates in October. An early decision would be considered unusual.
The U.S. market currently features a dozen spot Bitcoin ETFs, several Ether products, and a growing number of applications for Solana, XRP, and other tokens. Globally, over a hundred crypto-related ETFs are listed. BlackRock’s iShares Bitcoin Trust leads the market with more than $87 billion in assets under management, benefiting from its scale, liquidity, and brand strength, which have attracted the majority of investment flows while competitors remain significantly smaller.
