The U.S. SEC has postponed decisions on several altcoin exchange-traded fund (ETF) applications, including two linked to XRP.
The regulator announced the delay on March 11, extending its review period for multiple proposed ETFs. The decision affects applications from various firms, including Grayscale, VanEck, 21Shares, and Canary. The SEC cited the need for additional time to evaluate the proposals and related issues before reaching a final decision.
SEC Extends Review Period for XRP ETF Applications
The SEC’s delay includes multiple XRP ETF applications, affecting filings from Grayscale and Canary. According to the official statements, the proposed rule change allowing an XRP ETF underwent amendments before publication in the Federal Register on February 20, 2025. The initial 45-day review period was set to expire on April 6, 2025.
However, the commission has now extended the deadline, setting May 21, 2025, as the new decision date. This extension provides regulators with additional time to assess the filings.
Among the postponed applications, Canary’s request for a spot XRP ETF will now be considered on May 22, 2025. Meanwhile, Grayscale’s application for an XRP ETF also faces the same delay. The SEC’s decision aligns with similar extensions granted for other crypto ETFs.
Additional Delays for Other Altcoin ETF Filings
Apart from XRP-related ETFs, the SEC also postponed its decision on various altcoin investment products. The commission delayed rulings on Solana (SOL) ETF applications from VanEck, 21Shares, and Canary.
Similarly, a Canary Spot Litecoin ETF application will remain under review until May 13, 2025. The Grayscale Spot Dogecoin ETF is now scheduled for a decision on May 21, 2025, while the Canary Spot ADA ETF is expected to be reviewed on May 29, 2025. These delays reflect the regulator’s cautious approach toward approving crypto investment products.
Meanwhile, the SEC extended its review of proposals related to in-kind creations and redemptions for Fidelity’s FBTC and FETH. BlackRock’s IBIT application also remains under consideration. Additionally, 21Shares’ request to integrate staking into its Ethereum (ETH) ETF remains unresolved.
SEC Acknowledges Grayscale Hedera Trust Proposal
In a separate development, the SEC recognized a proposed rule change that would allow Nasdaq to list and trade shares of the Grayscale Hedera Trust. The regulator opened a 21-day public comment period for the proposal before making a final decision.
Under the proposal, the trust’s shares would trade under commodity-based trust share rules. Grayscale would serve as sponsors, and CSC Delaware Trust Company would act as trustee. Coinbase Custody Trust Company would provide custodial services.
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