SEC Delays Crypto ETF Decisions for Truth Social, Solana, and XRP Products

TLDR

• SEC delays decisions on Truth Social Bitcoin-Ethereum ETF, Solana ETFs, and XRP Trust until October deadlines
• Truth Social ETF decision pushed to October 8, while Solana products from 21Shares and Bitwise set for October 16
• Multiple XRP, Dogecoin, and Litecoin ETF applications also face October review deadlines
• Two major exchanges requested rule changes that could speed up future crypto ETF approvals
• BlackRock’s Bitcoin Trust leads the market with over $87 billion in assets under management

The Securities and Exchange Commission has pushed back decisions on several crypto exchange-traded funds until October. The delays affect products from Trump’s media company and major altcoin proposals.

On August 18, the SEC filed notices extending review deadlines for three major crypto ETF applications. The Truth Social Bitcoin and Ethereum ETF now faces a decision date of October 8.

The Truth Social product was submitted on June 24 as a commodity-based trust. It would hold Bitcoin and Ethereum directly while issuing shares backed by those assets.

Despite the Truth Social branding, the fund operates like other spot Bitcoin and Ethereum ETFs already trading. The product comes from Donald Trump’s media and technology company.

Solana and XRP Products Face October Reviews

The SEC set October 16 as the new deadline for Solana ETF decisions from 21Shares and Bitwise. These products would mark the first US spot Solana ETFs if approved.

The Solana ETFs would hold SOL tokens directly and provide investors exposure to the cryptocurrency’s price movements. Cboe BZX filed the applications on behalf of both asset managers.

21Shares also faces an October 19 deadline for its Core XRP Trust application. The product aims to hold XRP tokens and track the cryptocurrency’s market value.

The XRP trust was first filed in February and later amended. The SEC granted itself an additional 60 days to review after the original 180-day deadline approached.

Additional delays hit other altcoin ETF proposals filed by Grayscale, CoinShares, and Canary Capital. These include separate XRP funds plus Dogecoin and Litecoin products.

Exchange Rule Changes Could Speed Future Approvals

The delays come three weeks after major exchanges requested rule changes for crypto ETF listings. Cboe BZX and NYSE Arca submitted amendments to their listing standards.

The proposed changes would allow certain crypto ETFs to list automatically without case-by-case filings. Current rules require exchanges to submit proposed rule changes under Rule 19b-4.

This review process can take up to 240 days for each product. The new standards would streamline approvals for qualifying crypto ETFs.

Bloomberg ETF analyst Eric Balchunas expects the listing standard amendments to receive approval next month. He anticipates a batch of crypto ETF approvals starting in October based on the new rules.

The SEC typically uses full extension periods to evaluate new products and collect public feedback. Most crypto ETF filings now have final deadlines clustered in October.

BlackRock’s iShares Bitcoin Trust dominates the current crypto ETF market with over $87 billion in assets under management. The US market now includes twelve spot Bitcoin ETFs and several Ethereum products.

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