- The US SEC has, in the latest filing, justified its decision to delay the outcome of various crypto Exchange Traded Fund (ETF) applications.
- Bloomberg analysts believe that this is part of their standard procedures, and does not change their previous position on multiple approvals.
The US Securities and Exchange Commission (SEC) has announced the delay of verdicts on various altcoin-based Exchange Traded Funds (ETF). According to the information published on its website, this decision was taken to ensure that a longer period is designated to deliberate on a proposed rule change that would enable these ETFs to proceed.
Details of the Filing
Reviewing its March 11 filing, we found that the affected ETFs include Grayscale’s filings for Dogecoin (DOGE), XRP, Litecoin (LTC), and Cardano (ADA) ETFs. Also, the XRP ETFs filed by 21shares, Canary Capital, and Bitwise were affected. Solana ETF filed by 21shares, Canary, and VanEck, as well as Litecoin ETF filed by Canary, were equally delayed. Meanwhile, the Agency provided similar reasons for the delay in the in-kind creation and redemptions for BlackRock’s IBIT alongside the FBTC and FETH of Fidelity.
Regardless of this, the Agency acknowledged the filing of Hedera (HBAR) ETF by Grayscale and a DOGE-related filing by Bitwise after providing similar notice to other asset managers, as detailed in our last new piece. On the same day, Franklin Templeton joined the list of institutions that filed an S-1 Form for an XRP ETF.
Commenting on this filing, Bloomberg’s ETF analyst James Seyffart pointed out that these delays are not cause for alarm as they are standard procedures.
According to Seyffart, the final deadline is October 2025. This implies that the current development does not change his “high approval odds,” which was highlighted in our previous article. Most importantly, Seyffart reminded his followers that Paul Atkins has not yet been confirmed as the SEC chair. Based on our research, the White House has yet to produce the paperwork meant for the Senate to schedule his confirmation hearing.
Previous Prediction on Multiple Approval of Crypto ETFS
Recently, the Bloomberg ETF analyst team consisting of Seyffart and Eric Balchunas highlighted that the Litecoin ETF has a 90% chance of approval. Logically, this is expected to be followed by Dogecoin, Solana, and XRP in order of likelihood. However, they believe that the SEC’s classification of assets based on commodities and securities would play a crucial role.
As featured in our recent update, the Bloomberg analysts explained that the approval of the XRP ETFs could be delayed since its security status is currently being contested in court. However, the Reserve Bank of Australia has clarified that this is not as straightforward as people think. According to a document shared by the bank, an asset that has been classified as security could still be included in an ETF, while the packaging of a commodity in an ETF could be complicated.
Setting up exchange-traded instruments for commodities is slightly more complicated than is the case for equities. Regulation and the illiquid nature of many commodity markets mean that in some cases commodities cannot be structured in the same legal form as traditional ETFs.
