Recently, the U.S. Securities and Exchange Commission (SEC) has once again adjusted the approval process for cryptocurrency exchange-traded funds (ETFs). According to the latest disclosure from Bloomberg ETF analyst James Seyffart, the SEC announced a delay in its approval decisions for the XRP spot ETF submitted by Bitwise and CoinShares, the Litecoin (LTC) spot ETF from CoinShares, and Fidelity's structural adjustments to its spot Bitcoin fund. Meanwhile, the SEC has officially accepted the TRX staking ETF application submitted by Canary Funds.

SEC Approval Pace Slows, Uncertain Outlook for XRP and LTC ETFs

The SEC's delay decision involves several highly anticipated cryptocurrency asset ETF applications. According to documents from May 21 and 23, the SEC postponed its decisions on the 21Shares Core XRP Trust, Grayscale XRP Trust, and CoinShares' LTC ETF, as well as the review of Grayscale's Dogecoin (DOGE) trust fund ETF proposal. The SEC stated that the core purpose of the delay is to more comprehensively assess relevant legal and policy issues, ensuring that key aspects such as market manipulation risk, asset custody transparency, and liquidity assurance meet regulatory requirements.

As "U.S.-based" cryptocurrency assets that attract significant market attention, the progress of XRP and LTC's ETF applications is seen as an important barometer for the integration of traditional finance and digital assets. However, the SEC's cautious attitude continues its consistent regulatory style. Analysts point out that although the regulatory environment for cryptocurrencies has loosened somewhat since the new administration took office, XRP still faces uncertainty in the approval process due to its ongoing legal litigation with Ripple. While LTC is technically closer to Bitcoin's decentralized characteristics, its market trading depth and the maturity of its derivatives market are still insufficient to completely alleviate the SEC's concerns.

Bloomberg analyst Seyffart expects that the SEC may make decisions on these new asset classes as early as late June or early July 2025, but it is more likely to be postponed until early the fourth quarter. This timeline aligns closely with market expectations but also reflects the SEC's cautious approach when facing emerging asset classes.

TRX Staking ETF Accepted: A "Backdoor" Breakthrough for Sun Yuchen?

In stark contrast to the approval delays for XRP and LTC, the SEC has formally accepted the TRX staking ETF application submitted by Canary Funds. This development is interpreted by the market as a significant positive for the TRX (Tron) ecosystem and has sparked heated discussions about TRON founder Sun Yuchen's recent activities in the U.S. Some users on the X platform jokingly remarked that the SEC's move seems to have "opened a backdoor" for Sun Yuchen, suggesting that his recent frequent trips to the U.S. may have achieved breakthroughs in regulatory communication.

The uniqueness of the TRX staking ETF lies in its introduction of a staking mechanism, allowing investors to indirectly participate in the staking rewards of the TRON network through the ETF. This innovative design not only enhances the investment appeal of TRX but also provides traditional financial institutions with a new revenue model. It is reported that Canary Funds' application documents detail the compliance of the staking mechanism, revenue distribution, and risk management plans, which may serve as important bases for the SEC's acceptance.

It is noteworthy that TRX, as one of the nine altcoins submitting spot ETF applications (including SOL, XRP, LTC, ADA, AVAX, APT, SUI, MOVE), is considered a preliminary recognition by the SEC of innovation in cryptocurrency assets. On-chain analysts point out that TRX's degree of decentralization and relatively stable market performance may give it a certain advantage in regulatory review.

Analysts believe that the SEC's cautious attitude may be related to the current market environment. Although cryptocurrencies have gained more support at the policy level in the U.S., regulatory agencies still need to balance innovation and risk. Seyffart noted that the SEC's recent initiation of a public opinion solicitation process shows its concern about market manipulation and liquidity issues, especially as the trading markets for assets like Solana and XRP have not yet fully matured.

Future Outlook: Approval Window and Market Opportunities

For the ETF applications of XRP and LTC, the market generally expects the SEC to provide a final response by October 2025. At that time, whether these two assets can join the ranks of spot ETFs will directly impact their legitimacy and liquidity in traditional financial markets. The acceptance of the TRX staking ETF provides a model for other innovative ETF applications and may encourage more institutions to explore ETF products in staking, DeFi, and other areas.

For investors, the current market environment is filled with opportunities but also accompanied by uncertainties. The progress of the TRX staking ETF undoubtedly injects a boost into the Tron ecosystem, but the approval outlook for XRP and LTC still requires close attention. In the coming months, the SEC's regulatory dynamics and the overall performance of the cryptocurrency market will be key factors determining the fate of these assets.

This article represents the author's personal views and does not reflect the stance or views of this platform. This article is for informational sharing only and does not constitute any investment advice to anyone.

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