- SEC delays decisions on XRP, Solana, Litecoin, and Dogecoin ETFs until May 2025, citing need for further review of proposals.
- Analysts remain optimistic as the SEC’s delays reflect standard procedure, with high approval likelihood for altcoin ETFs.
The U.S. Securities and Exchange Commission (SEC) has postponed its decisions on several crypto exchange-traded funds (ETFs) for assets like XRP, Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE). These delays affect proposals for the VanEck and Canary Spot ETFs, among others.
Yes, the SEC just punted on a bunch of alt coin ETF filings including Litecoin, Solana, XRP & DOGE. It's expected as this is standard procedure & Atkins hasn't even been confirmed yet. This doesn't change our (relatively high) odds of approval. Also note that the final deadlines…
— James Seyffart (@JSeyff) March 11, 2025
On March 11, the SEC confirmed the delays for several spot ETFs, including VanEck’s Spot Solana ETF, Canary Spot Litecoin ETF, and Canary Spot XRP ETF. The SEC’s official filings revealed that the need for further review justifies the delay for each ETF proposal.
The revised deadlines extend to May 2025, with each ETF awaiting approval or rejection. In some cases, additional extensions are possible. Specifically, for Solana, the SEC has set May 19, 2025, as the new decision date, while Litecoin’s decision will now be finalized by May 13, 2025. Dogecoin’s ruling will occur on May 21, 2025, and XRP’s final decision is set for May 22, 2025.
The SEC’s Approach to Review
The SEC has cited Section 19(b)(2) of the Securities Exchange Act to explain the delays. This section allows the agency to extend decision deadlines when it deems more time is needed for a detailed review. As these ETFs propose to track the prices of various altcoins, the SEC’s careful analysis is needed to determine how they align with existing financial regulations.
However, according to the filings, the SEC’s decision process includes detailed assessments of the proposed rule changes. In each case, the agency noted that more time is needed to examine the possible implications of listing these digital assets on traditional exchanges.
Parallel with these ETF delays, the SEC is planning a public roundtable on crypto regulations. The event, set for March 21, will address topics such as the classification of crypto assets and possible regulatory standards. It will be part of the SEC’s effort to define how it views digital assets within the current regulatory framework.
The SEC’s Crypto Task Force, led by Commissioner Hester Peirce, also focuses on developing clearer rules for the crypto market. Peirce emphasized that public engagement is vital to shaping effective regulatory measures for the industry.
Market Reactions and Outlook
Despite these delays, analysts argue that the situation remains stable. James Seyffart, an ETF analyst at Bloomberg, noted that while the SEC has delayed many altcoin ETFs, this delay is part of the standard procedure. He also suggested that while the decision timelines extend into May 2025, the likelihood of approval remains high.
Eth staking and in-kind also delayed. Everything delayed. It's like the NYC-bound Amtrak on monday morning: "Mechanical issues in DC"
— Eric Balchunas (@EricBalchunas) March 11, 2025
Similarly, other analysts pointed out that numerous other ETFs, including those for Ethereum (ETH), have also faced delays. They view these delays as part of the broader regulatory process rather than an obstacle for the crypto market.
The SEC’s extended deadlines for XRP, Solana, Litecoin, and Dogecoin ETFs mean that interested parties must wait until May 2025 for further developments. While this timeline adds uncertainty, it reflects the SEC’s continued efforts to balance innovation with regulatory oversight in the rapidly growing crypto space.
