SEC delays decision on XRP, Solana, Litecoin, Dogecoin ETFs

The US Securities and Exchange Commission has delayed its determination to o.k. respective XRP, Solana, Litecoin and Dogecoin exchange-traded funds.

In a slew of filings connected March 11, the bureau said it has “designated a longer period”  to determine connected the projected regularisation changes that would let the ETFs to proceed.

Among the affected ETFs are Grayscale’s XRP (XRP) and Cboe BZX Exchange’s spot Solana (SOL) ETF filings, with the decisions connected them pushed until May.

The SEC has delayed making a determination to o.k. respective altcoin ETFs. Source: SEC

Bloomberg ETF expert James Seyffart said successful a March 11 X station that portion the SEC conscionable “punted connected a clump of altcoin ETF filings,” helium didn’t spot it arsenic a origin for concern. “It’s expected, arsenic this is modular procedure.” 

He added that US President Donald Trump’s prime to seat the SEC, Paul Atkins, “hasn’t adjacent been confirmed yet.”

“This doesn’t alteration our (relatively high) likelihood of approval. Also enactment that the last deadlines aren’t until October,” Seyffart said.

Source: Samuel Maverick

Fellow Bloomberg ETF expert Eric Balchunas besides chimed in, saying that “everything [is] delayed,” including ETFs featuring Ether (ETH) staking and in-kind redemptions.

Un aboriginal December, Trump picked pro-crypto businessman and former SEC Commissioner Atkins to beryllium the agency’s adjacent chair. However, legislature confirmation hearings are yet to beryllium scheduled.

This is not the archetypal clip the SEC has extended an ETF determination deadline. On Feb. 28, it extended the deadline for Cboe Exchange’s request to database options tied to Ether (ETH) ETFs.

This followed the SEC receiving a raft of altcoin ETF filings successful the aftermath of Trump’s predetermination and the resignation of erstwhile SEC Chair Gary Gensler.

Related: Altcoin ETFs are coming, but request whitethorn beryllium limited: Analysts

Gensler’s clip astatine the SEC came with what the manufacture said was an aggressive regulatory stance toward crypto, with 100 crypto-related regulatory actions during his tenure from 2021 until his resignation connected Jan. 20.

Since Gensler’s departure, a increasing fig of firms facing ineligible enactment from the regulator person had their cases dismissed, including crypto speech Gemini on Feb. 26 and crypto trading steadfast Cumberland DRW connected March 4.

Meanwhile, acting SEC Chairman Mark Uyeda has besides projected abandoning portion of a regularisation change that would person expanded regularisation of alternate trading systems to see crypto firms.

Magazine: SEC’s U-turn connected crypto leaves cardinal questions unanswered