The U.S. Securities and Exchange Commission (SEC) has again slowed the rollout of crypto exchange-traded funds (ETFs), pushing back key rulings on products tied to Bitcoin, Ethereum, Solana and XRP until October.
In notices filed on Aug. 18, the SEC said it would extend its review period for three separate applications:
- Truth Social Bitcoin and Ethereum ETF – new deadline Oct. 8
- 21Shares and Bitwise Solana ETFs – new deadline Oct. 16
- 21Shares Core XRP Trust – new deadline Oct. 19
Trump-branded ETF enters the queue
The Truth Social Bitcoin and Ethereum ETF, first submitted on June 24, is structured as a commodity-based trust directly holding BTC and ETH and issuing shares backed by those assets. While its branding under U.S. President Donald Trump’s social media platform gives it a political sheen, the structure mirrors that of other spot Bitcoin and Ether ETFs already approved earlier this year. Analysts said the high-profile branding could attract retail interest, though the SEC is unlikely to treat it differently from other filings.
Solana’s bid for legitimacy
Cboe BZX Exchange is seeking approval for the first U.S. spot Solana ETFs through filings from 21Shares and Bitwise. If approved, the products would allow traditional investors to gain direct exposure to SOL without holding the tokens themselves, a milestone for the Solana ecosystem. Backers argue that institutional-grade access could boost liquidity and cement Solana’s place alongside Bitcoin and Ethereum as an investable asset class.
XRP faces extended scrutiny
The SEC also granted itself another 60 days to review the 21Shares Core XRP Trust, which aims to hold XRP and track its market value. First filed in February, the trust was nearing its 180-day deadline this week. XRP ETFs face added scrutiny because of the SEC’s ongoing litigation against Ripple Labs, though a partial court victory for Ripple last year has opened the door to more mainstream products.
A broader pattern of delays
The latest extensions are part of a familiar SEC pattern. The regulator has delayed decisions on nearly every major crypto ETF proposal this year, from altcoins like Litecoin and Dogecoin to changes in the structure of existing Bitcoin and Ether ETFs. For example, the SEC is still weighing Bitwise’s request to allow in-kind creations and redemptions for its spot BTC and ETH funds, a shift that would let investors swap ETF shares directly for the underlying crypto instead of cash.
Bloomberg ETF analyst James Seyffart noted earlier this year that the SEC “almost always takes the full time” allowed under its 19b-4 review process, and with most deadlines clustering in October, the fall is shaping up as a decisive season for crypto ETFs.
Global race for crypto ETFs
The U.S. market already counts a dozen spot Bitcoin ETFs and multiple Ether funds, with combined inflows in the tens of billions. Globally, more than 100 crypto-related ETFs trade across Europe, Canada, Brazil and Asia, reflecting rising demand for regulated exposure.
BlackRock’s iShares Bitcoin Trust remains the clear leader, with more than $87 billion in assets under management, dwarfing rivals thanks to its brand strength, liquidity and deep institutional adoption. But new entrants tied to Solana and XRP could reshape the competitive landscape if they win approval.
Outlook
While delays are routine, October now looms as a pivotal moment for the next wave of crypto ETFs. Decisions on Solana and XRP in particular will test how far the SEC is willing to go in expanding access beyond Bitcoin and Ether, potentially signaling whether altcoins will be granted the same legitimacy in U.S. capital markets.
