The U.S. Securities and Exchange Commission (SEC) has delayed its rulings on three highly anticipated cryptocurrency exchange-traded funds (ETFs), with the review period extended to October.
According to a notice submitted on August 18, the ruling date for the Truth Social Bitcoin and Ethereum ETFs on the New York Stock Exchange Arca is set for October 8, with the 21Shares and Bitwise Solana ETFs on October 16, and the 21Shares Core XRP Trust on October 19.
The Truth Social Bitcoin and Ethereum ETFs were submitted on June 24, as a commodity trust that directly holds Bitcoin (BTC) and Ethereum (ETH) and issues shares backed by these assets, similar to other spot Bitcoin and Ethereum ETFs in the market.
Cboe BZX hopes to gain approval for the first spot Solana ETF in the U.S. through applications from 21Shares and Bitwise, which will hold Solana (SOL) tokens, providing investors with a safe way to gain exposure to Solana's price performance.
A separate application from 21Shares aims to launch a Core XRP Trust, designed to hold XRP and track its market value.
Related Content: U.S. Regulators Consider Simplified Market Path for Crypto ETFs
October May Be a Key Month for ETF Rulings
Recent ETF delays are not uncommon. The SEC has frequently delayed this summer, and combined with several delays in the spring, many cases will be resolved in the fall.
Additionally, the SEC has extended its review of Bitwise's requests for 'creation' and 'redemption' of its spot Bitcoin and Ethereum ETFs. This ruling will determine whether investors can directly exchange ETF shares for cryptocurrencies.
BlackRock Dominates the ETF Market
The U.S. market now boasts a dozen spot Bitcoin ETFs, several Ethereum products, and applications for Solana, XRP, and more. Over a hundred crypto-related ETFs have been listed globally.
BlackRock's iShares Bitcoin Trust dominates, managing over $87 billion in assets. Its scale, liquidity, and brand advantages attract most of the fund inflows, leaving competitors at a disadvantage.
