The Securities and Exchange Commission has delayed decisions on several cryptocurrency exchange-traded funds. The postponements affect proposed ETFs for XRP, Solana, Litecoin and Dogecoin.
The agency announced in multiple filings on March 11 that it "designated a longer period" to evaluate proposed rule changes. These changes would allow the ETFs to begin trading. The decisions for Grayscale's XRP and Cboe BZX Exchange's spot Solana ETF applications have been pushed to May.
Bloomberg ETF analyst James Seyffart downplayed concerns about the delays.
"It's expected, as this is standard procedure," Seyffart wrote in a March 11 post on X. He noted that Paul Atkins, President Donald Trump's nominee to chair the SEC, "hasn't even been confirmed yet."
Seyffart maintains "relatively high" odds of eventual approval for the funds. "The final deadlines aren't until October," he added.
Fellow Bloomberg analyst Eric Balchunas confirmed that "everything [is] delayed." This includes ETFs featuring Ethereum staking and in-kind redemptions.
The delays come during a leadership transition at the SEC. Trump nominated former SEC Commissioner Atkins to lead the agency in early December. Congressional confirmation hearings have not yet been scheduled.
This follows a pattern of extended deadlines from the commission. On February 28, the SEC postponed its decision on Cboe Exchange's application to list options tied to Ethereum ETFs.
The agency has received numerous altcoin ETF applications since Trump's election and former Chair Gary Gensler's resignation. Under Gensler's leadership from 2021 until January 20, the SEC took 100 crypto-related regulatory actions. Industry participants criticized his approach as overly aggressive.
Recent weeks have seen several legal victories for crypto firms previously targeted by the SEC. Crypto exchange Gemini had its case dismissed on February 26. Trading firm Cumberland DRW received a similar dismissal on March 4.
Meanwhile, Acting SEC Chairman Mark Uyeda has proposed abandoning regulations that would have expanded oversight of crypto firms operating as alternative trading systems.