The US Securities and Exchange Commission has postponed its decision regarding the approval of multiple exchange-traded funds (ETFs) associated with XRP, Solana, Litecoin, and Dogecoin.
In a series of filings made on March 11, the agency indicated that it has “designated a longer period” to review the proposed rule alterations that would permit these ETFs to move forward.
Among the affected ETFs include Grayscale’s XRP ETF and Cboe BZX Exchange’s spot Solana ETF filings, with decisions on these products delayed until May.
The SEC has postponed its decision regarding several altcoin ETFs. Source: SEC
An ETF analyst noted on March 11 that while the SEC has simply deferred on a number of altcoin ETF submissions, he doesn’t view this as alarming. “It’s anticipated, as this is typical practice,” he mentioned.
He also pointed out that US President Trump’s nomination for SEC chair, Paul Atkins, “hasn’t even been confirmed yet.”
“This doesn’t alter our (relatively high) chances for approval. Additionally, the ultimate deadlines don’t fall until October,” he mentioned.
Source: Samuel Maverick
Another analyst from the same firm commented that “everything [is] delayed,” which includes ETFs that involve Ether staking and in-kind redemptions.
In early December, Trump nominated pro-crypto entrepreneur and former SEC Commissioner Atkins for the agency’s top position, but confirmation hearings have yet to be arranged.
This is not the first time the SEC has prolonged a decision on an ETF. On February 28, it extended the deadline for a request from Cboe Exchange to list options linked to Ether ETFs.
This decision followed a barrage of altcoin ETF applications that came in the wake of Trump’s election and the resignation of former SEC Chair Gary Gensler.
Related: Altcoin ETFs are approaching, but interest may be limited: Analysts
During Gensler’s tenure, the SEC was characterized by what many in the industry perceived as a stringent regulatory approach to cryptocurrency, having taken 100 regulatory actions relating to crypto from 2021 until his resignation on January 20.
Since Gensler’s exit, a growing number of companies facing actions from the regulator have had their cases dismissed, including the crypto exchange Gemini on February 26 and the trading firm Cumberland DRW on March 4.
Meanwhile, acting SEC Chairman Mark Uyeda has also proposed retracting a component of a rule change intended to broaden regulations on alternative trading systems to encompass crypto companies.
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