SEC Delays Approval of Solana, XRP, Litecoin, and Dogecoin-Based ETFs

# SEC Delays Decisions on Solana, XRP, Litecoin, Dogecoin ETFs The U.S. Securities and Exchange Commission (SEC) has postponed decisions on applications for exchange-traded funds (ETFs) based on altcoins such as Solana, XRP, Litecoin, and Dogecoin, BeInCrypto reported on the 11th. This move appears to be an effort to gain more time amid recent criticism of the SEC’s pro-cryptocurrency stance. According to BeInCrypto's report today, the SEC has delayed a total of six altcoin ETF applications. The postponed applications include ETFs based on Solana, XRP, Litecoin, and Dogecoin. Notably, the decision deadline for the Solana ETF was initially set for today, but the postponement allows the SEC more time for a thorough review. Meanwhile, the decision on the XRP ETF, originally scheduled for several months later, has also been delayed. The deferred applications involve XRP ETFs from Canary and Grayscale, though Bitwise’s application was not included in this postponement. Interestingly, the SEC has also acknowledged another application for an XRP ETF today. This application, submitted by Franklin Templeton, adds to the confusion as the SEC delays some applications while approving new ones. Additionally, the SEC has recognized new ETF applications based on Dogecoin and Hedera. # Background of SEC's Delay and Market Impact The SEC’s decision could significantly impact the market. The approval of new altcoin ETFs could lead to substantial market changes, and the SEC seems to be adopting a cautious approach given the current market uncertainty. Moreover, it is speculated that the SEC is delaying some decisions until the new chairman is confirmed by the Senate. ETF analyst James Seyffart stated, “The SEC has delayed ETF applications based on Litecoin, Solana, XRP, and Dogecoin. This is standard procedure, and the final deadline is until October. The likelihood of approval remains high.” Another analyst, Eric Balchunas, noted, “Ethereum staking and spot ETFs have also been delayed. Everything is being postponed.” There is also a division within the SEC. One commissioner publicly criticized the SEC’s pro-cryptocurrency approach, suggesting that immediate approval of altcoin ETFs could exacerbate internal conflicts. The SEC has not provided a clear stance on this delay. However, the cautious approach towards ETF applications observed during former SEC Chairman Gary Gensler’s tenure seems to be continuing. This delay likely means the approval of new altcoin ETFs will be deferred for several more months.