SEC Pushes Back Decisions on Truth Social, Solana, and XRP ETFs
The U.S. Securities and Exchange Commission (SEC) has once again delayed its rulings on several major...
Quick overview
- The SEC has delayed rulings on several cryptocurrency ETFs, with decisions now expected in October.
- Key products under review include the Truth Social Bitcoin and Ethereum ETF, Solana ETFs from 21Shares and Bitwise, and the 21Shares Core XRP Trust.
- Critics have raised concerns about the potential political influence on the approval of the Truth Social ETF linked to Donald Trump's media platform.
- The SEC's pattern of extending deadlines suggests a cautious approach to approving new crypto investment products.
The U.S. Securities and Exchange Commission (SEC) has once again delayed its rulings on several major cryptocurrency exchange-traded funds (ETFs). The decisions, which cover products tied to Bitcoin, Ethereum, Solana, and XRP, will now arrive in October.
New Dates that are Set for Reviews
In a filing on August 18, the SEC announced fresh deadlines. The Truth Social Bitcoin and Ethereum ETF will now be reviewed by October 8. The Solana ETFs from 21Shares and Bitwise are pushed to October 16. Meanwhile, the 21Shares Core XRP Trust faces an October 19 decision.
These delays are routine. The agency has been extending deadlines on many crypto ETF proposals this summer, often pushing them together into fall review dates.
Spotlight is on Truth Social ETF
The Truth Social Bitcoin and Ethereum ETF was first filed in June. It is built as a commodity-based trust holding Bitcoin and Ether directly. While it carries the Truth Social brand, linked to former President Donald Trump’s media platform, the structure is similar to existing spot crypto ETFs already trading in the U.S.
However, the filing has not gone unnoticed. One public comment by Accountable US, urged the SEC to reject the product, pointing to Trump’s involvement in crypto projects such as the World Liberty Financial DeFi initiative and tokens branded under TRUMP and MELANIA. Critics warn that approval could raise questions about whether the agency’s decision was influenced by politics.
Expanding SOL and XRP Products
The SEC is also considering the first U.S. spot Solana ETFs through filings from 21Shares and Bitwise. These products would give investors regulated exposure to Solana’s $180.17 token price.
At the same time, the 21Shares Core XRP Trust is seeking approval to hold XRP, currently at $3.00, and mirror its market performance. The application was first submitted in February and was nearing its 180-day review limit when the SEC granted an extra 60 days. Other pending XRP products include the CoinShares ETF, the Canary Trust, and the Grayscale Trust, all set for later fall deadlines.
Wider SEC Delays
Interestingly, these latest extensions follow a pattern. Back in March, the SEC delayed rulings on other altcoin products, including ETFs tied to Litecoin and Dogecoin. A CoinShares filing for a spot Litecoin ETF was also pushed into the same cluster of fall reviews.
Meanwhile, Bitwise is awaiting a September decision on its request to allow in-kind creations and redemptions for its Bitcoin and Ethereum ETFs. If approved, this would let investors exchange ETF shares directly for crypto instead of cash.
Market Outlook
The U.S. now hosts more than a dozen spot Bitcoin ETFs, several Ethereum products, and growing applications for Solana, XRP, and other tokens. On the global stage, over 100 crypto ETFs are already listed. BlackRock’s iShares Bitcoin Trust leads the pack with over $87 billion in assets, far ahead of its competitors.
Analysts say the SEC often uses the full review window before making a decision. Bloomberg’s James Seyffart noted earlier this year that almost all crypto ETF filings face final deadlines in October, with early approvals being unusual.
Lotta questions. Replying here:
The SEC *typically* takes the full time to respond to a 19b-4 filing. Almost all of these filings have final due dates in October. Early decisions would the action that's out of the norm. No matter how "Crypto-friendly" this SEC is
There's no…
— James Seyffart (@JSeyff) May 20, 2025
With deadlines clustered in the coming months, the SEC’s choices will play a key role in shaping the next wave of crypto investment products in the U.S.
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