SEC Stalls XRP & Solana ETFs—What’s Behind the Delay?

The U.S. Securities and Exchange Commission (SEC) has put off decisions on XRP and other cryptocurrency exchange-traded fund (ETF) applications for Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE). The SEC, however, filed the proposals on March 11, 2025, noting in filings that they needed more time to evaluate proposed changes before making a final decision.

These delayed applications include Grayscale’s XRP ETF as well as Cboe BZX Exchange’s Solana ETF which has now been kicked out to May 2025. The delays were expected and this is part of the SEC’s standard process, according to Bloomberg ETF analyst James Seyffart.

“Yes, the SEC just pushed back a group of altcoin ETF filings, including those for Litecoin, Solana, XRP, and DOGE. This is standard procedure, especially since Atkins has yet to be confirmed,” he explained.

Regulatory Changes and Leadership Uncertainty

The delay has come during a time of leadership flux at the SEC. Paul Atkins, a replacement for former chairman Gary Gensler, has not been confirmed by Congress and resigned in January. According to analysts, the lack of confirmed leadership could also be to blame for the dispassionate attitude towards new cryptocurrency ETFs.

The acting SEC Chairman Mark Uyeda has already proposed changes to regulatory policies such as the rollback of the rules to expand the regulatory oversight of alternative trading systems that include cryptocurrency firms. The SEC’s position on digital assets is still murky, and some analysts suggest it’s a ploy by regulators to first assess their strategy.

Mixed Signals as New ETF Filings Are Acknowledged

Despite the postponement of several applications, the SEC also acknowledged new ETF filings on the same day. One of the most notable was Franklin Templeton’s XRP ETF application, which appeared on the SEC’s official website. Additionally, the Commission recognized a Dogecoin ETF proposal and an application for a Hedera-based ETF.

The SEC’s handling of these ETF applications has raised concerns about its decision-making process. Some analysts suggest that the Commission may be stalling as it navigates increasing political and regulatory challenges. 

ETF analyst Eric Balchunas compared the delays to a slow-moving train system, remarking, “Eth staking and in-kind also delayed. Everything delayed. It’s like a Monday morning Amtrak to NYC—stuck due to mechanical issues in DC.”

Crypto Market Awaits Clarity

The crypto market has been waiting with bated breath for the approval of these ETF applications, as this could increase institutional altcoin investments. Both the SEC has been taking a cautious approach, while some experts believe the chances of approval are strong. 

Seyffart added, 

“This does not lower our chances of approval, which remain fairly strong. It’s also important to remember that the final deadlines for these decisions are set for October.”

For now, the SEC has until later in the year to make a final decision on these ETFs. Until then, the market remains in a wait-and-see mode as regulatory developments unfold.