The Securities and Exchange Commission has delayed its decision to approve funds traded on several XRP, Solana, Litecoin, and Dogecoin Exchange.
In numerous submissions on March 11, the agency said it had “specified a long period” to determine the proposed rule changes that would allow the ETF to proceed.
Among the ETFs affected were Grayscale’s XRP (XRP) and Cboe BZX Exchange’s Spot Solana (SOL) ETF filing, which pushed the decision until May.
The SEC has delayed its decision to approve some AltCoin ETFs. Source: Sec
Bloomberg ETF analyst James Sefert said in a March 11 post on X that the SEC “punted into Altcoin ETF filings,” but that he did not consider it to be the cause of concern. “This is expected as it is a standard procedure.”
He added that the election of US President Donald Trump’s SEC chair, Paul Atkins, has “not been confirmed yet.”
“This doesn’t change the odds of (relatively high) approval, and remember that the final deadline is not until October,” Seyffart said.
Source: Samuel Maverick
Bloomberg ETF analyst Eric Bulkunas also squealed, saying “everyth (IS) is behind,” including ETFs that feature ether (ETH) staking and apple redrawing.
In early December, Trump chose Atkins, a pro-cryptic businessman and former SEC committee member, as the next chairman of his agency. However, no Congressional confirmation hearing is scheduled yet.
This is not the first time the SEC has extended the deadline for ETF decisions. On February 28th, we extended the deadline for CBOE Exchange requests to list options related to Ether (ETH) ETFs.
This follows the SEC, which received the altcoin ETF submission after Trump’s election and the resignation of former SEC chairman Gary Gensler.
Related: AltCoin ETFs are coming, but demand may be limited: Analysts
During his time at the SEC, Gensler had 100 crypto-related regulatory measures during his tenure between 2021 and resigning on January 20th, as the industry said it was a proactive regulatory stance on crypto.
Since Gensler’s departure, the number of companies facing legal action from regulators, including the Crypto Exchange Gemini on February 26th and the Crypto Trading Firm Cumberland DRW on March 4th.
Meanwhile, Sec Chairman Mark Uyeda also suggests waive some of the regulations changes that would have expanded regulations on alternative trading systems, including Crypto companies.
Magazine: SEC U-turn on Crypto leaves important questions unanswered
