A fresh wave of postponements has swept across the crypto market, as the US Securities and Exchange Commission has delayed decisions on a set of proposed spot exchange-traded funds (ETFs) for XRP, Dogecoin, Solana, and Litecoin. This latest move pushes back potential approval dates to May 2025 for various ETF applications, including those from VanEck, Canary, and Grayscale.
XRP, Dogecoin, SOL And LTC ETFs Hit SEC Delay
The agency states that it needs a longer review period without specific reason: “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change, as modified by Amendment No. 1, so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
According to official documentation, the affected ETFs and revised target decision dates include VanEck Spot Solana ETF on May 19, 2025; Canary Spot Litecoin ETF on May 13, 2025; Canary Spot Solana ETF on May 19, 2025; Canary Spot XRP ETF on May 22, 2025; Canary Spot ADA ETF on May 29, 2025; Grayscale Spot XRP ETF on May 22, 2025; and Grayscale Spot Dogecoin ETF on May 21, 2025.
James Seyffart, an ETF analyst at Bloomberg, described these delays as standard procedure, stating in a X post, “Yes, the SEC just punted on a bunch of alt coin ETF filings including Litecoin, Solana, XRP & DOGE. It’s expected as this is standard procedure & Atkins hasn’t even been confirmed yet. This doesn’t change our (relatively high) odds of approval. Also note that the final deadlines aren’t until October for these.”
Fellow Bloomberg analyst Eric Balchunas, reacting to the announcements, noted that “Eth staking and in-kind also delayed. Everything delayed. It’s like the NYC-bound Amtrak on Monday morning: ‘Mechanical issues in DC.’”
Notably, Franklin Templeton has also stepped into the fray yesterday with a filing for its own spot XRP ETF. In a portion of its official submission, the asset manager—which oversees approximately $1.6 trillion—explained that “The Fund seeks to generally reflect the performance of the price of XRP.”
In early December, the White House announced that pro-crypto businessman and former SEC Commissioner Paul Atkins would be nominated to serve as the commission’s next chair. Congress has not yet scheduled confirmation hearings, leaving the timeline for a permanent leadership transition equally unsettled.
During this interim period, acting Chairman Mark Uyeda has proposed rolling back parts of a rule change that would have broadened oversight of alternative trading systems to include crypto firms, signaling that regulators themselves remain divided on how to handle the rapidly shifting digital asset environment.
Meanwhile, odds of eventual approval for these proposed ETFs vary. Bloomberg’s ETF experts Seyffart and Eric Balchunas have projected a 90% approval likelihood for Litecoin, 75% for Dogecoin, and 70% for Solana, while XRP stands at 65%.
At press time, XRP traded at $2.17.
