The U.S. Securities and Exchange Commission (SEC) has postponed its decision on three highly anticipated cryptocurrency exchange-traded funds (ETFs), extending the review deadlines to October.
In a notice submitted on August 18, the agency set a new decision date of October 8 for the Truth Social Bitcoin and Ethereum ETF on the New York Stock Exchange Arca, October 16 for the Solana ETF from 21Shares and Bitwise, and October 19 for the 21Shares Core XRP Trust.
The Truth Social Bitcoin and Ethereum ETF was submitted on June 24 and is structured as a commodity trust that directly holds Bitcoin (BTC) and Ethereum (ETH), issuing shares backed by these assets. Although named after U.S. President Donald Trump's Truth Social platform, its function is similar to other spot Bitcoin and Ethereum ETFs already on the market.
Cboe BZX is also seeking approval for the first U.S. spot Solana ETFs through applications from 21Shares and Bitwise. These products will hold Solana (SOL) tokens, providing investors with a secure way to gain exposure to Solana's price performance.
Another application from 21Shares aims to launch the Core XRP Trust, which intends to hold XRP and track its market value. This trust was first applied for in February and subsequently revised, originally set to reach a 180-day deadline on Wednesday before the SEC granted itself an additional 60 days for review.
The latest ETF delays are not uncommon. The SEC has been postponing ETF applications throughout the summer, with many expected to make decisions this fall.
In March, Cointelegraph reported that the SEC had delayed decisions on several altcoin ETF proposals, including products related to XRP, Litecoin (LTC), and Dogecoin (DOGE).
This includes CoinShares' application for a spot Litecoin ETF, which would directly hold LTC and issue shares backed by the token. Cointelegraph noted that the SEC's delay places its deadline alongside other altcoin applications in the concentrated review period this fall.
Additionally, the SEC extended its review of Bitwise's request to allow its spot Bitcoin and Ethereum ETFs to create and redeem physical assets. The decision is now set for September, which will determine whether investors can directly exchange ETF shares for the underlying cryptocurrencies instead of cash.
The SEC often uses its full extension time to evaluate new products and gather public feedback. Bloomberg ETF analyst James Seyffart wrote in a post on May 20 that the SEC "typically needs the full time to respond to 19b-4 applications." He added that "almost all of these applications have final deadlines in October," and an early decision would be "unusual."
The U.S. market now has a dozen spot Bitcoin ETFs, several Ethereum products, and an increasing number of applications for SOL, XRP, and other tokens. Globally, there are over a hundred cryptocurrency-related ETFs listed.
BlackRock's iShares Bitcoin Trust dominates the field, managing assets (AUM) of over $87 billion. Its size, liquidity, and brand strength set it apart, attracting most of the inflows, while competitors remain smaller in scale.
Related: The Federal Reserve will end its special regulatory program for banks' cryptocurrency activities
Original article: “SEC Delays Decisions on Truth Social, Solana (SOL), and XRP ETFs to October”
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