$SOL

As several analysts expected: the SEC delayed its decision on XRP ETFs and staking in Ether funds

James Seyffart, Bloomberg ETF analyst, believes it is more likely that the SEC will first approve a Litecoin ETF amid the avalanche of crypto fund applications that the agency is currently reviewing. The U.S. Securities and Exchange Commission has delayed its decision on Bitwise's request to add staking to its exchange-traded fund (ETF) of Ether and on Grayscale's proposal for an XRP ETF, which several analysts had already anticipated.

The SEC said on May 20 that it needed to extend its decision on Bitwise's application by 45 days to “consider the proposed rule change and the issues raised in it.” The agency was to decide or postpone its decision by May 22.

The agency also delayed the decision on Grayscale's XRP tracking ETF

XRP

€2.09

and Bitwise's Solana tracking fund

SOL

€149.82

while seeking public comments and initiating “procedures to allow for further analysis” of the proposals to ensure they meet regulatory standards.

Bloomberg ETF analyst James Seyffart said on X that both delays were expected as the SEC “typically takes all the time to respond to a 19b-4 filing.”

“Almost all of these filings have final deadlines in October,” and an early decision would be “out of the ordinary,” Seyffart added.

“It doesn’t matter how friendly this SEC is towards cryptocurrencies. There is no conspiracy here,” he said.