SEC Decided to Mass Postpone Crypto ETF Applications!

Yigit Taha OZTURK — Wed, 12 Mar 2025 08:00:40 +0000

The cryptocurrency market was once again shaken following a series of decisions by the US Securities and Exchange Commission (SEC) on March 11, 2025. The regulatory body has postponed its rulings on a number of altcoin-based exchange-traded fund (ETF) applications. However, according to experts, these delays do not reduce the likelihood of approval within 2025. Bloomberg ETF analyst James Seyffart stated that the delays were “expected” and that approval prospects remain strong.

Details of the Postponements

The SEC has postponed decisions on several high-profile ETF applications, including Grayscale’s filings for Dogecoin (DOGE), XRP, Litecoin (LTC), and Cardano (ADA). Additionally, Canary Capital, Bitwise, and 21Shares have also seen delays in their XRP ETF applications.

The regulator further delayed decisions on Solana (SOL) ETFs submitted by 21Shares, Canary, and VanEck. The last of the altcoin-related ETF postponements was Canary Capital’s Litecoin (LTC) filing.

Other crypto ETF delays include in-kind creation and redemptions for BlackRock IBIT ETF, as well as Fidelity’s Wise Origin Bitcoin ETF (FBTC) and Fidelity Ethereum ETF (FETH). Additionally, 21Shares’ Core Ethereum ETF proposal to include staking has also been postponed.

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New Applications and Market Race Intensify

Despite these delays, the SEC has acknowledged new filings, including Grayscale’s Hedera (HBAR) ETF and Bitwise’s updated Dogecoin (DOGE) filing. Moreover, on March 11, Franklin Templeton filed an S-1 Form for its own XRP ETF, further intensifying the altcoin ETF race.

Strong Approval Odds for 2025!

Bloomberg ETF analyst James Seyffart emphasized that these delays are part of standard procedure and should not raise concerns. He also noted that Paul Atkins has yet to be confirmed as the new SEC chair, which may have influenced the delay timeline.

In February, Seyffart and Bloomberg Senior ETF Analyst Eric Balchunas published their approval probability estimates for Litecoin (LTC), Solana (SOL), XRP, and Dogecoin (DOGE) ETFs. According to their analysis, Litecoin (LTC) leads with a 90% chance of approval in 2025, followed by Dogecoin (DOGE) at 75%. Solana (SOL) has a 70% probability, while XRP holds a 65% chance of approval.

The analysts highlighted that these approval odds were below 5% before Donald Trump’s election victory in November. Since then, regulatory sentiment has shifted, significantly increasing the likelihood of ETF approvals. If the regulatory environment continues to improve in the US, these odds may rise even further.

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SEC Delays Decisions on XRP, Solana, Litecoin, and Dogecoin ETFs!

Yigit Taha OZTURK — Wed, 12 Mar 2025 07:30:29 +0000

The U.S. Securities and Exchange Commission (SEC) has officially delayed its decisions on exchange-traded fund (ETF) applications tied to XRP, Solana, Litecoin, and Dogecoin. In filings dated March 11, the SEC announced that it has “designated a longer period” to consider the proposed rule changes that would allow these ETFs to proceed.

Among the delayed applications are Grayscale’s XRP ETF and Cboe BZX Exchange’s spot Solana ETF. The SEC has postponed its decisions on these products until May.

Considered Standard Procedure

Bloomberg ETF analyst James Seyffart commented on March 11 that the SEC’s delay in ruling on these altcoin ETFs is not a cause for concern. Seyffart described the delay as “standard procedure” and noted it does not negatively impact the probability of approval. He also mentioned that Paul Atkins, who was nominated by President Donald Trump to serve as the next SEC Chair, has yet to be confirmed. “This doesn’t change our (relatively high) odds of approval. Also, the final deadlines aren’t until October,” Seyffart said.

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Another Bloomberg ETF analyst, Eric Balchunas, added that “everything is delayed,” including ETF filings featuring Ethereum staking and in-kind redemptions.

Expectations High Under Trump Administration

In December, President Trump nominated pro-crypto businessman and former SEC Commissioner Paul Atkins to lead the agency. However, Atkins’ Senate confirmation hearings have yet to be scheduled.

The SEC has a history of delaying ETF decisions. On February 28, the agency extended its review period for Cboe Exchange’s application to list options tied to Ethereum ETFs. Many altcoin ETF filings followed Trump’s election and the resignation of former SEC Chair Gary Gensler.

During Gensler’s tenure, the SEC took an aggressive regulatory stance toward crypto, with over 100 crypto-related enforcement actions between 2021 and his resignation in early 2024. Since Gensler’s departure, several firms previously facing legal action from the SEC, including Gemini (February 26) and Cumberland DRW (March 4), have had their cases dismissed.

Meanwhile, acting SEC Chairman Mark Uyeda has proposed abandoning parts of a rule change that would have expanded the regulation of alternative trading systems to include crypto firms.

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