SEC Delays Decision on Key Crypto ETFs

August 19, 2025
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4 min read

The US Securities and Exchange Commission (SEC) has once again postponed its rulings on several high-profile cryptocurrency exchange-traded fund (ETF) applications. Among the delayed products are Truth Social’s Bitcoin-Ethereum ETF, new Solana ETF offerings from 21Shares and Bitwise, and the 21Shares Core XRP Trust. The new deadlines are set for October, signaling a pivotal month for the future of crypto ETFs in the United States.

October Becomes Crucial for ETF Approval

In notices filed August 18, the SEC established new decision dates: October 8 for the Truth Social Bitcoin and Ethereum ETF, October 16 for 21Shares and Bitwise’s Solana ETFs, and October 19 for the 21Shares Core XRP Trust. This delay is part of a broader trend, with the SEC utilizing its authority to extend review periods and collect more public feedback. Industry experts, such as Bloomberg ETF analyst James Seyffart, note it’s standard for the SEC to use maximum review timelines for complex products, and early approvals would be unusual.

The delayed Truth Social ETF proposal, submitted on June 24, aims to function as a commodity-based trust, directly holding Bitcoin and Ether. Solana ETFs from 21Shares and Bitwise would give investors regulated access to SOL, while the Core XRP Trust is seeking to bring the popular XRP token to ETF markets after its application was first filed in February.

This latest wave of delays adds to a summer of pending crypto ETF decisions. In March, the SEC also prolonged reviews of altcoin ETF proposals, including spot ETFs for Litecoin and Dogecoin.

ETF Landscape Expands Rapidly

Despite the regulatory slow-walk, cryptocurrency ETFs are booming in popularity. The US market now lists a dozen spot Bitcoin ETFs and several leading Ether products, while BlackRock’s iShares Bitcoin Trust stands out with more than $87 billion in AUM. Globally, there are now more than 100 listed crypto ETFs, reflecting relentless investor demand.

The SEC’s continued delays mean that October will be a decisive month for the trajectory of crypto ETFs in the world’s largest financial market. Investors and issuers alike are watching closely for rulings that could open the door to new products and broader digital asset adoption

Three Major Crypto ETF Decisions Postponed

In regulatory filings dated August 18, the SEC outlined new deadlines: the Truth Social Bitcoin-Ethereum ETF faces an October 8 decision; the 21Shares and Bitwise Solana ETFs are set for October 16; and the 21Shares Core XRP Trust now targets October 19. These products aim to offer direct exposure to leading cryptocurrencies through fully backed, commodity-based trusts. For example, the Truth Social ETF would directly hold Bitcoin and Ether, mirroring existing spot ETFs, while the Solana and XRP funds would let investors track the price of these rising altcoins with institutional safeguards.

This delay is part of a larger trend, with the SEC spending the summer extending review periods for a slew of new crypto ETFs—including pending Litecoin and Dogecoin products. According to Bloomberg ETF analyst James Seyffart, it’s standard for the agency to use its full allotted time, making early approvals unlikely.

US Crypto ETF Market Booming Despite Delays

Amid regulatory caution, investor appetite for crypto ETFs continues climbing. BlackRock’s iShares Bitcoin Trust has surpassed $87 billion in assets under management, firmly leading the domestic market. Across the globe, over 100 crypto-based ETFs are now listed, signaling robust demand for token-based investment vehicles. However, regulatory scrutiny will remain high as the SEC works through an unprecedented cluster of ETF applications this fall.

With October poised as the decision month for several landmark crypto ETFs, investors are awaiting whether the SEC will sanction expanded access to cryptocurrencies like Solana, XRP, and more. The outcomes will have a major impact on market growth, product innovation, and the broader accessibility of digital assets for US investors.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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