SEC Delays XRP, Solana, Litecoin, and Dogecoin ETF Decisions Until May

YEREVAN (CoinChapter.com) — The US Securities and Exchange Commission (SEC) has postponed decisions on multiple altcoin ETFs, affecting XRP, Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE). The SEC delays XRP ETF, along with Solana ETF decision, citing the need for more time to review the proposals.

In March 11 filings, the SEC announced an extended timeline for evaluating these crypto ETF applications. The decision impacts Grayscale’s XRP ETF and Cboe BZX Exchange’s spot Solana ETF, both awaiting regulatory approval. The SEC stated that it had “designated a longer period” for review.

SEC Says More Time Needed for Review

The crypto ETF regulatory delay extends beyond XRP, Solana, Litecoin, and Dogecoin ETFs. The SEC has historically delayed decisions on multiple altcoin ETF approval timelines, citing the need for more analysis.

Bloomberg ETF analyst James Seyffart said in a March 11 X post that the SEC delays XRP ETF and others as part of a standard process. He noted that this is not unusual and pointed out that Paul Atkins, former SEC commissioner and nominee for SEC chair, has not been confirmed yet.

Seyffart stated that these delays do not affect the overall altcoin ETF approval timeline. He added that the final deadlines for these ETFs are in October.

Other Crypto ETFs Face Similar Delays

Bloomberg ETF analyst Eric Balchunas also commented on the SEC’s move. He stated that the SEC delays XRP ETF, Solana ETF, and other altcoin ETFs, including those related to Ether (ETH) staking ETFs and in-kind redemptions.

On Feb. 28, the SEC extended its decision on Cboe Exchange’s request to list options for Ether ETFs. The commission has seen a surge in crypto ETF applications, particularly after former SEC Chair Gary Gensler resigned on Jan. 20.

SEC’s Post-Gensler Actions Include Dismissed Cases

During Gensler’s tenure, the SEC pursued an aggressive approach toward crypto ETF approvals. Between 2021 and 2024, the regulator launched over 100 enforcement actions against crypto firms.

Since Gensler’s resignation, some cases have been dismissed. On Feb. 26, the SEC dropped its legal action against Gemini, a crypto exchange. On March 4, it dismissed its case against crypto trading firm Cumberland DRW.

Meanwhile, acting SEC Chairman Mark Uyeda has proposed rolling back certain rules that would have expanded alternative trading system (ATS) regulations to include crypto firms.

The SEC delays XRP ETF, Solana ETF decision, and other approvals while the industry awaits further regulatory developments. Final decisions on these ETFs are expected in May, with some deadlines extending to October 2024.