The SEC ETF saga continues as the US Securities and Exchange Commission has once more postponed its decisions on three significant cryptocurrency exchange-traded funds. The SEC has extended its review deadlines into October, affecting Truth Social’s Bitcoin-Ethereum ETF, Solana products from 21Shares and Bitwise, and the 21Shares Core XRP Trust.
New Deadlines for Crypto ETF Proposals
In notices filed on 18 August, the SEC set new decision dates: 8 October for NYSE Arca’s Truth Social Bitcoin and Ethereum ETF, 16 October for 21Shares’ and Bitwise’s Solana ETFs, and 19 October for the 21Shares Core XRP Trust. These extensions are part of a broader pattern of delays that the SEC has been implementing throughout the summer.
Truth Social’s Bitcoin-Ethereum ETF
The Truth Social Bitcoin and Ethereum ETF, submitted on 24 June, is structured as a commodity-based trust holding Bitcoin and Ether directly. Despite its branding under US President Donald Trump’s Truth Social platform, it functions similarly to existing spot Bitcoin and Ether ETFs.
Solana and XRP Trusts Await Approval
Cboe BZX has filed for the first US spot Solana ETFs through 21Shares and Bitwise. These products aim to provide investors with secure exposure to Solana’s price performance. Meanwhile, the 21Shares Core XRP Trust, first filed in February, was nearing its 180-day deadline before the SEC granted an additional 60 days for review.
A Pattern of Delays
These recent extensions are not unusual. The SEC has been pushing back ETF decisions all summer, with many slated for review this autumn. In March, the SEC delayed decisions on several altcoin ETF proposals, including those tied to XRP, Litecoin, and Dogecoin.
BlackRock’s Dominance in the ETF Market
The US market now hosts numerous spot Bitcoin ETFs and several Ether products. BlackRock’s iShares Bitcoin Trust leads the pack with over $87 billion in assets under management, drawing the majority of inflows due to its scale and liquidity.
Looking Ahead
With October shaping up as a pivotal month for ETF rulings, the SEC’s decisions could significantly impact the crypto market landscape. Investors and stakeholders are keenly watching these developments.
*Financial advice disclaimer: This article is for informational purposes only and should not be considered financial advice.*
