The U.S. Securities and Exchange Commission (SEC) has once again deferred its decisions on several high-profile cryptocurrency exchange-traded fund (ETF) applications, including those linked to Solana, XRP, and the platform associated with President Donald Trump, Truth Social. This series of delays pushes the regulatory timeline into October, underscoring the SEC’s cautious approach to expanding the array of crypto-backed investment vehicles in the U.S. market.
The latest extensions involve three distinct applications. The Truth Social Bitcoin and Ethereum ETF, filed by NYSE Arca, now faces a decision deadline of October 8. This fund is structured as a commodity trust directly holding Bitcoin and Ethereum. Similarly, the 21Shares and Bitwise Solana ETF, along with the 21Shares Core XRP Trust, have new review dates of October 16 and October 19, respectively. These products aim to directly track the market dynamics of their underlying cryptocurrencies.
- The SEC has again postponed decisions on major cryptocurrency exchange-traded fund (ETF) applications.
- Affected applications include those tied to Solana, XRP, and the Truth Social platform.
- These delays extend regulatory timelines into October, highlighting the SEC’s cautious stance.
- Specific new deadlines are set for October 8 (Truth Social Bitcoin/Ethereum ETF), October 16 (21Shares/Bitwise Solana ETF), and October 19 (21Shares Core XRP Trust).
Regulatory Scrutiny and Market Evolution
While the Truth Social Bitcoin and Ethereum ETF carries the branding of President Donald Trump’s social media platform, its operational design mirrors existing spot Bitcoin and Ethereum ETFs already approved by the SEC. Concurrently, Cboe BZX exchange submitted an application for an Invesco Galaxy spot Solana ETF in late July, further illustrating the expanding interest in diverse altcoin investment products. These recent deferrals follow a previous announcement by the regulator concerning five other Solana ETF applications, including those from Bitwise, 21Shares, VanEck, Grayscale, and Canary.
Analyst Perspectives and Market Landscape
The SEC’s pattern of utilizing its full review period for submissions is a well-established regulatory practice. According to Bloomberg ETF analyst James Seyffart, the Commission typically exhausts the maximum time allotted for responses to Form 19b-4 filings. Seyffart has previously indicated that the fourth quarter of 2025 is the most probable window for the commencement of altcoin-based ETF approvals. The American market currently features over a dozen spot Bitcoin ETFs, several Ethereum-based funds, and a growing pipeline of applications for products tied to Solana, XRP, and other digital assets. BlackRock’s iShares Bitcoin Trust remains a dominant force in this segment, managing assets exceeding $87 billion, according to SoSoValue. This regulatory deliberateness is consistent with the SEC’s prior actions, as seen in March when it also delayed decisions on several other altcoin ETFs, including those linked to XRP, Litecoin, and Dogecoin.
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