The U.S. Securities and Exchange Commission (SEC) has once again pushed back its decision on a series of exchange-traded funds (ETFs) tied to major altcoins, including XRP, Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE). In a series of filings dated March 11, the regulator stated that it was extending the review period for proposed rule changes that would allow these ETFs to trade on U.S. markets.
Among the impacted applications are Grayscale’s XRP ETF and Cboe BZX Exchange’s spot Solana ETF, both of which will now have to wait until at least May for a decision. The move follows a familiar pattern, as the SEC has repeatedly delayed ETF approvals, particularly those involving cryptocurrencies beyond Bitcoin and Ethereum.
Despite the postponement, Bloomberg ETF analyst James Seyffart reassured the market that the delays are procedural rather than indicative of outright rejection. “The SEC just punted on a bunch of altcoin ETF filings. This is expected—standard procedure,” he noted in a post on X.
Industry Awaits New SEC Leadership
Trump’s decision to nominate former SEC Commissioner Paul Atkins—widely regarded as pro-crypto—has been seen as a potential turning point for digital asset regulation. However, without a confirmation hearing scheduled, the SEC continues to operate under interim leadership.
Fellow Bloomberg analyst Eric Balchunas noted that in addition to delaying altcoin ETFs, the SEC has also pushed back decisions on Ether staking ETFs and in-kind redemption models. These delays suggest that the agency is taking a cautious approach to crypto-related financial products, even as industry sentiment shifts in favor of regulatory clarity.
This isn’t the first time the SEC has extended deadlines for crypto ETFs. In late February, it postponed a decision on Cboe Exchange’s request to list options tied to Ether ETFs, signaling its ongoing hesitation in approving broader crypto-based financial instruments.
Post-Gensler Agency Shows Signs of Softening
The latest round of ETF delays comes amid a changing regulatory landscape following the resignation of former SEC Chairman Gary Gensler in January. Known for his aggressive stance against crypto, Gensler oversaw over 100 enforcement actions targeting digital asset firms during his tenure.
Since his departure, several high-profile cases against crypto firms have been dismissed. On Feb. 26, the SEC dropped its lawsuit against Gemini, and on March 4, the regulator ended legal proceedings against Cumberland DRW, a prominent crypto trading firm. Acting SEC Chairman Mark Uyeda has also proposed rolling back a rule that would have expanded oversight of alternative trading systems to include crypto platforms.
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