The U.S. Securities and Exchange Commission (SEC) has once again deferred its decisions on several prominent cryptocurrency Exchange-Traded Funds (ETFs), pushing their review periods further into the fall. This latest round of extensions affects a diverse range of digital assets, from established cryptocurrencies like Bitcoin and Ethereum to newer entrants such as Solana and XRP, highlighting the regulatory body's cautious approach to approving novel investment products.
Extended Deadlines for Key Crypto ETFs
The SEC's recent notices confirm new decision dates for three highly anticipated crypto ETFs, all now slated for October. The NYSE Arca's Bitcoin and Ethereum ETF, associated with Truth Social, has seen its deadline extended to October 8. This product is structured to directly hold Bitcoin and Ether, offering investors exposure to these assets. Similarly, the first proposed spot Solana ETFs in the U.S., from 21Shares and Bitwise, which aim to hold SOL tokens, now face an October 16 deadline. The 21Shares Core XRP Trust, designed to track XRP's market value, also received a 60-day extension, pushing its decision date to October 19.
A Pattern of Delays and Anticipation
These latest extensions are not an anomaly but rather consistent with the SEC's standard operating procedure. The agency frequently utilizes the entirety of its allotted review periods, often 180 days or more, to thoroughly evaluate new financial products and gather public feedback. This pattern was observed earlier in the year with delays for various altcoin ETF proposals, including those tied to Litecoin and Dogecoin, many of which also have final decision dates converging in the fall. Experts note that it is "out of the normal" for the SEC to provide an early response, suggesting that a prolonged review is the expected course of action for these complex and evolving investment vehicles.
