The U.S. Securities and Exchange Commission (SEC) has postponed its decision on multiple exchange-traded funds (ETFs) tied to major cryptocurrencies, including XRP, Solana, Litecoin, and Dogecoin.

In a series of filings on March 11, the SEC announced that it would extend the review period for proposed rule changes that would allow the ETFs to move forward. Among the delayed applications are Grayscale’s XRP ETF and Cboe BZX Exchange’s spot Solana ETF. The regulator has now set May as the next decision deadline for these proposals.

SEC Delays Altcoin ETFs, but Analyst Says It’s No Cause for Concern

Bloomberg ETF analyst James Seyffart discussed the delays in a post on March 11, noting that while the SEC had “punted on a bunch of altcoin ETF filings,” it was not necessarily a bad sign. “It’s expected, as this is standard procedure,” Seyffart clarified. He added that the final decision deadlines for these ETFs are still months away, with the ultimate cutoff extending into October.

Seyffart further mentioned that political factors could influence the approval process, particularly the pending confirmation of Paul Atkins, former SEC commissioner and pro-crypto businessman, selected by former President Donald Trump to lead the agency.

“Eth staking and in-kind also delayed. Everything delayed. It’s like the NYC-bound Amtrak on Monday morning: ‘Mechanical issues in DC’”
— Eric Balchunas (@EricBalchunas) March 11, 2025

Without an official confirmation hearing scheduled, the regulatory environment remains uncertain. Bloomberg’s senior ETF analyst Eric Balchunas also commented on the situation, stating that “everything [is] delayed,” including proposals for ETFs featuring Ethereum staking and in-kind redemptions.

This is not the first time the SEC has postponed a decision on crypto-related ETFs. In late February, the commission extended its deadline for reviewing a request from the Cboe to list options linked to Ethereum ETFs. The latest delays follow a surge of altcoin ETF filings submitted after Trump’s election victory and the subsequent resignation of former SEC Chair Gary Gensler, known for his rigorous approach toward cryptocurrency regulation.

Since Gensler’s departure, several firms previously targeted by the SEC have seen legal actions dismissed, including crypto exchange Gemini and trading firm Cumberland DRW. Acting SEC Chairman Mark Uyeda has also proposed rolling back a rule change that would have extended regulatory oversight to alternative trading systems used by crypto firms.

Spot Bitcoin ETFs See Continued Outflows as Investors Engage in Arbitrage Strategies

Spot Bitcoin ETFs have faced ongoing outflows recently. Industry experts suggest much of this selling pressure originates from hedge funds utilizing Bitcoin ETFs for arbitrage instead of long-term investment. As these yield opportunities diminish, many traders are unwinding their positions, contributing to the ongoing outflows. Markus Thielen, head of research at 10x Research, has noted that over half of spot Bitcoin ETF investors are engaged in arbitrage strategies, with most inflows, approximately 56%, connected to the “carry trade.”

Key Takeaways

• SEC delays decision on multiple crypto ETFs, including XRP and Solana, postponing the next deadline to May.
• Analysts claim the delay is standard procedure and not inherently negative for approval prospects.
• Political uncertainty, including pending SEC leadership confirmation, could affect future decisions.