The SEC has delayed decisions on several crypto-based ETF applications over the past few months, despite its pro-crypto pivot.
The U.S. Securities and Exchange Commission has postponed its decision on whether to approve exchange-traded funds tied to Bitcoin and Solana, the agency said in separate filings Monday, extending a pattern of regulatory caution toward crypto-linked investment products.
The SEC will take up to an additional eight weeks to decide on whether to allow the Truth Social Bitcoin ETF to begin trading and whether to approve the conversion of the Grayscale Solana Trust into an exchange-traded fund, according to the filings.
Grayscale’s proposed conversion of its Solana Trust into an ETF now faces an October 10 deadline for a decision by the SEC, while the agency must rule on the Truth Social Bitcoin ETF application by September 18.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC wrote in the filings.
Under the Securities Exchange Act of 1934, the SEC has 180 days from the publication of a proposed rule change to issue a decision, though the deadline may be extended.
The proposed rule change for the Truth Social Bitcoin ETF was published for comment in the Federal Register on June 20, 2025. Grayscale’s Solana Trust conversion, meanwhile, was published for comment in the Federal Register on February 12, 2025.
Recent delays come amid a broader review of cryptocurrency-based ETF applications under consideration by the SEC.
While the regulator has taken a more crypto-friendly posture in recent months, it continues to move cautiously.
Under President Donald Trump, crypto advocate Paul Atkins was appointed SEC chairman, as several skeptics of digital assets departed the agency earlier this year.
Pending applications include ETFs tied to Solana, XRP, and tokens themed around Trump and Dogecoin, all of which remain under review.
The SEC frequently extends deadlines on ETF approvals and proposed modifications to existing funds, a routine part of its review process.
On July 16, the regulator pushed back its deadline to weigh in on adding in-kind redemptions to the Bitwise Bitcoin ETF Trust and Bitwise Ethereum ETF.
Earlier this summer, the agency also held up the debut of a Grayscale fund tracking the prices of Bitcoin, Ethereum, Solana, XRP, and Cardano.
