- The SEC postponed decisions on three major crypto ETF proposals, moving deadlines to October.
- Proposals include ETFs for Bitcoin, Ethereum, Solana, and XRP, submitted by NYSE Arca and 21Shares.
- Delays align with the SEC‘s pattern of using full review periods for new crypto products.
- The U.S. spot Bitcoin ETF market is led by BlackRock’s iShares Bitcoin Trust with over $87 billion in assets.
- More ETF decisions, including those on in-kind creations and altcoins, are expected this fall.
The U.S. Securities and Exchange Commission (SEC) has delayed rulings on three cryptocurrency exchange-traded funds (ETFs), setting new deadlines for decisions in October. The affected filings include the Truth Social Bitcoin and Ethereum ETF from NYSE Arca, and Solana and XRP ETFs from 21Shares and Bitwise.
According to notices issued on August 18, the SEC extended the review period for these products: October 8 for the Truth Social Bitcoin and Ethereum ETF, October 16 for the 21Shares and Bitwise Solana ETFs, and October 19 for the 21Shares Core XRP Trust. The Truth Social ETF, submitted June 24, is structured as a commodity-based trust that directly holds Bitcoin (BTC) and Ether (ETH), issuing shares backed by those assets.
The applications also seek to introduce the first U.S. spot Solana ETF, offering exposure to Solana (SOL) price movements by holding the underlying token. The 21Shares Core XRP Trust, initially filed in February and since amended, would track the market value of XRP by holding the token. The SEC allowed itself an extra 60 days to review, extending the process beyond the standard 180-day window.
In recent months, the SEC has repeatedly used maximum extension periods to review crypto ETF applications and collect public comments. According to Bloomberg ETF analyst James Seyffart, “almost all of these filings have final due dates in October,” suggesting early decisions are unlikely.
Currently, the U.S. market features about a dozen spot Bitcoin ETFs and numerous Ether products, with increasing applications for altcoins such as Solana and XRP. The global figure stands at over 100 crypto-related ETFs. BlackRock’s iShares Bitcoin Trust leads the U.S. market with more than $87 billion in assets, significantly outpacing competitors.
Earlier this year, the SEC delayed other altcoin ETF proposals, including products for Litecoin and Dogecoin. A separate decision on whether to permit in-kind creations and redemptions—allowing ETF shares to be exchanged for crypto rather than cash—is scheduled for September.
The SEC’s ongoing extensions reflect a consistent approach to the oversight and review of new crypto investment vehicles. For more details, the official SEC documents can be accessed on the NYSE notice and Cboe BZX filing.
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