SEC Delays XRP, Solana, and Dogecoin ETF Decisions Amid Uncertainty

The SEC has postponed decisions on multiple ETF applications tied to Solana, XRP, Litecoin, and Dogecoin. This delay comes amid growing scrutiny over the agency’s stance on cryptocurrency. While it has acknowledged new ETF filings, including those for XRP and Dogecoin, the reasoning behind its mixed actions remains unclear. Some speculate that these delays allow the SEC more time to address internal changes and recent criticism. The Commission is currently undergoing a transition, with a vacant seat awaiting Senate confirmation. Meanwhile, several firms have applied for altcoin ETFs, hoping to capitalize on the evolving regulatory environment. Today’s decision affected six ETF proposals, including those from Canary and Grayscale, though Bitwise’s XRP ETF remains unaffected. While the Solana ETF deadline was set for today, pushing it back gives regulators additional time to assess its approval. In an unusual move, the SEC acknowledged a new XRP ETF application from Franklin Templeton on the same day it postponed others. This creates confusion about the agency’s strategy , as it delays some filings while advancing others. An ETF analyst, James Seyffart, remarked that these postponements were expected, especially with an unconfirmed SEC chair . He noted that this does not significantly impact the likelihood of approval, as final deadlines for these ETFs are still months away, with some stretching into October. Additionally, the SEC acknowledged a Dogecoin ETF and one for Hedera, further complicating the picture. This uncertainty raises speculation about the agency’s true motivations. If it were to approve a wave of altcoin ETFs now, it could cause market upheaval at an already volatile time. Some experts suggest the SEC is waiting for internal stability before making any significant moves. The agency’s reluctance to take immediate action is not limited to altcoin ETFs. It has also delayed decisions on Ethereum staking and in-kind transactions , reflecting a broader hesitancy in the crypto space. Analyst Eric Balchunas compared the situation to a delayed Amtrak train, humorously blaming “mechanical issues in DC.” One of the SEC’s own Commissioners has recently broken precedent to criticize its shifting stance toward crypto, further highlighting internal tensions. This division could be another factor in the recent wave of postponements. Historically, under Chair Gary Gensler, the SEC has taken its time in evaluating ETF applications, and today’s delays suggest that this cautious approach continues. While the SEC has not provided a clear explanation for its actions, one thing is evident—new approvals for altcoin ETFs may take months, if not longer. For now, investors and issuers will have to wait as the regulatory process drags on.