SEC Delays Truth Social, Solana, and XRP ETF Decisions—Here’s What It Means for Crypto

The Securities and Exchange Commission just hit pause on three major cryptocurrency ETF applications—and the market's holding its breath.

Regulatory Gridlock Strikes Again

Truth Social's controversial token, Solana's scaling solution, and XRP's ongoing legal saga all got the same treatment: delayed decisions that leave investors guessing. The SEC isn't saying no—but it's sure not saying yes either.

Pattern Recognition

This isn't the agency's first rodeo. They've perfected the art of kicking cans down the road while maintaining plausible deniability. Classic Washington meets Wall Street—everybody talks about innovation until it's time to actually innovate.

Market Impact

Traders hate uncertainty more than they hate losses, and this move injects pure volatility into already nervous markets. The delay tactic effectively functions as a regulatory chokehold on capital flow—because why approve disruptive products when you can form another committee?

Bottom Line: The SEC's hesitation reveals more about traditional finance's fear of decentralization than it does about these specific assets. They'll regulate innovation into oblivion before admitting blockchain might actually know better than decades-old compliance manuals.

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SEC Pushes Back Crypto ETF Deadlines

In filings dated Aug. 18, the SEC said it will not decide on these ETFs until October. The new deadlines are Oct. 8 for Truth Social’s Bitcoin and ethereum ETF, Oct. 16 for Solana () ETFs from 21Shares and Bitwise, and Oct. 19 for the 21Shares Core XRP Trust.

The Truth Social ETF was first filed in June. Despite its branding under former President Donald Trump’s media company, it functions like other crypto ETFs already on the market. It is designed as a trust that directly holds Bitcoin and Ether and issues shares backed by those assets.

The solana ETF applications are the first of their kind in the United States. If approved, they would allow investors to gain exposure to Solana’s price through regulated shares rather than holding the token directly.

The Core XRP Trust from 21Shares is structured in the same way. It WOULD hold XRP () and track its market value. The application was approaching its original deadline this week until the SEC gave itself another 60 days to review.

SEC Leans on Extensions to Buy Time

October is shaping up to be a decisive month for crypto ETFs. Over the summer, the SEC has repeatedly delayed decisions on products tied to Bitcoin, Ethereum , XRP, Litecoin (), and even Dogecoin (). Extensions like these are common. The agency often takes the full period allowed under its rules to review applications and gather public feedback.

ETF analyst James Seyffart explained earlier this year that the SEC “almost always” uses the maximum review window. He added that most crypto ETF proposals now line up for final rulings in October, meaning a cluster of decisions could hit the market at once.

ETF Market Keeps Growing Despite Delays

While the SEC waits, the market for crypto ETFs keeps expanding. In the United States, investors already have access to multiple spot bitcoin funds and several Ether products. Globally, more than 100 crypto-related ETFs are listed.

BlackRock (BLK) remains the dominant player. Its iShares Bitcoin Trust (IBIT) alone manages more than $87 billion in assets, far outpacing smaller rivals. That scale gives it unmatched liquidity and investor confidence, which competitors have struggled to match.

What It Means Going Forward

The SEC’s delays do not mean rejection is certain. It simply means the agency wants more time before making its calls. But for investors, the message is clear. The crypto ETF boom is growing, yet the regulator is still cautious about approving products tied to tokens beyond Bitcoin and Ether.

Investors who want to compare existing Bitcoin and Ethereum ETFs side by side can use TipRanks’ ETF Comparison tool for a closer look at performance, fees, and returns. Click on the images below to explore the tools.