The US Securities and Exchange Commission has delayed its decision to approve several XRP, Solana, Litecoin and Dogecoin exchange-traded funds.
In a slew of filings on March 11, the agency said it has “designated a longer period” to decide on the proposed rule changes that would allow the ETFs to proceed.
Among the affected ETFs are Grayscale’s XRP (XRP) and Cboe BZX Exchange’s spot Solana (SOL) ETF filings, with the decisions on them pushed until May.
The SEC has delayed making a decision to approve several altcoin ETFs. Source: SEC
Bloomberg ETF analyst James Seyffart said in a March 11 X post that while the SEC just “punted on a bunch of altcoin ETF filings,” he didn’t see it as a cause for concern. “It’s expected, as this is standard procedure.”
He added that US President Donald Trump’s pick to chair the SEC, Paul Atkins, “hasn’t even been confirmed yet.”
“This doesn’t change our (relatively high) odds of approval. Also note that the final deadlines aren’t until October,” Seyffart said.
Source: Samuel Maverick
Fellow Bloomberg ETF analyst Eric Balchunas also chimed in, saying that “everything [is] delayed,” including ETFs featuring Ether (ETH) staking and in-kind redemptions.
Un early December, Trump picked pro-crypto businessman and former SEC Commissioner Atkins to be the agency’s next chair. However, congressional confirmation hearings are yet to be scheduled.
This is not the first time the SEC has extended an ETF decision deadline. On Feb. 28, it extended the deadline for Cboe Exchange’s request to list options tied to Ether (ETH) ETFs.
This followed the SEC receiving a raft of altcoin ETF filings in the wake of Trump’s election and the resignation of former SEC Chair Gary Gensler.
Related: Altcoin ETFs are coming, but demand may be limited: Analysts
Gensler’s time at the SEC came with what the industry said was an aggressive regulatory stance toward crypto, with 100 crypto-related regulatory actions during his tenure from 2021 until his resignation on Jan. 20.
Since Gensler’s departure, a growing number of firms facing legal action from the regulator have had their cases dismissed, including crypto exchange Gemini on Feb. 26 and crypto trading firm Cumberland DRW on March 4.
Meanwhile, acting SEC Chairman Mark Uyeda has also proposed abandoning part of a rule change that would have expanded regulation of alternative trading systems to include crypto firms.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
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