The Securities and Exchange Commission (SEC) has postponed rulings on several major crypto exchange-traded funds (ETFs) once again.
This happened on August 18, when the agency filed notices that it had extended deadlines for three products including the Truth Social Bitcoin and Ethereum ETF, Solana ETFs from 21Shares and Bitwise and the 21Shares Core XRP Trust.
New review dates are now set for October, which has quickly become an important month for ETF decisions.
The Truth Social Bitcoin and Ethereum ETF will face a ruling on October 8. Solana ETF applications are scheduled for October 16, while the Core XRP Trust is set for October 19.
The initial Truth Social Bitcoin and Ethereum ETF was submitted on June 24. According to the filing, this ETF is a commodity-based trust that holds Bitcoin and Ethereum directly, and then issues shares backed by those assets.
Even though the ETF carries the Truth Social name and is tied to Donald Trump’s media and technology company, it is similar to other spot Bitcoin and Ethereum ETFs already on the market.
The branding was likely set intentionally to attract attention. However, the product design is similar other funds that give investors exposure to BTC and ETH.
In addition to the Truth Social ETF delay, the SEC has also delayed decisions on Solana ETFs proposed by 21Shares and Bitwise. If these filings had been approved, they would mark the first spot Solana ETFs in the United States.
Both products were filed by Cboe BZX Exchange on behalf of the asset managers. They are designed to hold SOL tokens directly and allow investors to track Solana’s market value.
Solana has been making a name for itself over the last few years as one of the top altcoins. This means that an approval of one of these ETFs would have provided institutional and retail investors with a new way to access its growth.
In all, the SEC has set October 16 as the deadline for these rulings.
Finally, the third delayed product is the 21Shares Core XRP Trust. The prodict was first filed in February and was later amended.
The trust is structured to hold XRP and track its price. Interestingly, the SEC had reached the end of its initial 180-day review period but granted itself an additional 60 days. In sum, the decision dealdine has now been pushed to October 19.
This XRP-focused product has now joined other altcoin ETF applications waiting for rulings, including those tied to Dogecoin and Litecoin. The cluster of deadlines in October has marked this month as a very important one for crypto.
Currently, each ETF proposal requires a filing under Rule 19b-4, which can take up to 240 days. If the amendments are approved, the ETFs that qualify could be listed automatically.
According to Bloomberg’s analyst Eric Balchunas has suggested that these rule changes may receive approval as early as next month. If so, October could see a wave of crypto ETF approvals across multiple assets.
Read more on Live Bitcoin News
