SEC delays decisions on key cryptocurrency ETFs until October🤑
According to Cointelegraph, the United States Securities and Exchange Commission (SEC) has postponed its decisions on several significant cryptocurrency exchange-traded funds (ETFs), extending review deadlines until October. The SEC's notices, filed on August 18, set new decision dates for these ETFs: October 8 for NYSE Arca's Bitcoin and Ethereum Truth Social ETF, October 16 for 21Shares' and Bitwise's Solana ETFs, and October 19 for the 21Shares Core XRP Trust. The Bitcoin and Ethereum Truth Social ETF, submitted on June 24, is structured as a commodity-based trust that directly holds Bitcoin (BTC) and Ether (ETH), issuing shares backed by these assets. Although it carries the brand of President Donald Trump's Truth Social platform, it operates similarly to other spot Bitcoin and Ether ETFs currently available on the market.#ETHStakingExitWatch
Cboe BZX is also seeking approval for the first spot Solana ETFs in the United States through filings from 21Shares and Bitwise. These ETFs would hold Solana (SOL) tokens, providing investors with a safe way to gain exposure to Solana's price movements. Additionally, 21Shares has filed a separate application to launch the Core XRP Trust, which is designed to hold XRP and track its market value. Initially filed in February and later amended, the trust was approaching its 180-day deadline before the SEC granted an additional 60 days for review.
The recent extensions from the SEC are part of a broader trend of delays in decisions regarding ETFs, which have occurred throughout the summer. Many of these decisions are expected to be finalized this fall. In March, Cointelegraph reported that the SEC had delayed decisions on several altcoin ETF proposals, including those related to XRP, Litecoin, and Dogecoin. Among these was CoinShares' application for a spot Litecoin ETF, which would directly hold Litecoin (LTC) and issue shares backed by the token. The SEC's extension has put its timeline in the same timeframe as other altcoin filings.🤑
Furthermore, the SEC has extended its review of Bitwise's application to allow in-kind creations and redemptions for its spot Bitcoin and Ethereum ETFs, with a decision now expected in September. This decision will determine whether investors can exchange ETF shares directly for the underlying cryptocurrency rather than for cash. The SEC often uses its full extension periods to thoroughly evaluate new products and gather public feedback. Bloomberg ETF analyst James Seyffart noted that the SEC generally takes all the time needed to respond to a 19b-4 filing, with most filings having final deadline dates in October. An early decision would be considered unusual.🤑
The American market currently offers a dozen spot Bitcoin ETFs, several Ether products, and a growing number of applications for Solana, XRP, and other tokens. Worldwide, over a hundred cryptocurrency-related ETFs are listed. BlackRock's iShares Bitcoin Trust dominates the market with over $87 billion in assets under management, benefiting from its scale, liquidity, and brand strength, which have attracted the majority of investment flows while its competitors remain significantly smaller.🤑