SEC Postpones Approval Decisions for Solana, Litecoin, XRP, and Dogecoin ETFs

Highlights:

• SEC postpones decisions on multiple altcoin ETFs, including Dogecoin and XRP-related filings.
• Analyst Seyffart indicates delays are standard, maintaining high approval odds for altcoin ETFs.
• Future decisions on several ETFs are set for May but regulatory conditions may improve approval forecasts.

On March 11, the United States Securities and Exchange Commission (SEC) delayed its decision to approve several altcoin-based exchange-traded funds (ETFs). This includes Grayscale’s Dogecoin (DOGE), XRP, Litecoin (LTC), and Cardano (ADA) ETF filings. It also postponed rulings on XRP ETFs from Canary Capital, Bitwise, and 21Shares. Additionally, the regulator delayed decisions on Solana (SOL) ETFs from 21Shares, Canary, and VanEck, while Canary’s Litecoin filing marked the final altcoin-related ETF delay.

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In a series of filings on Tuesday, the agency stated that it has “designated a longer period” to review the proposed rule changes necessary for the ETFs to move forward. In a separate filing, the SEC announced that decisions on Grayscale’s XRP ETF and Cboe BZX’s spot Solana ETF have been postponed until May. Additionally, the Commission set May 29 as the new deadline for the Canary Spot ADA ETF decision. 

ETFs Approval Odds Remain High

Bloomberg analyst James Seyffart said in a March 11 X post that the SEC has simply delayed several altcoin ETF filings. However, he doesn’t see this as a problem. He explained that such delays are normal and part of the usual process. He added that the chances of approval for these altcoin funds are still high.

Seyffart wrote:

“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.”

The SEC has also postponed decisions on in-kind creations and redemptions for BlackRock’s IBIT and Fidelity’s FBTC and FETH. Additionally, 21Shares’ proposal to incorporate staking into its Ethereum ETF remains under review. Bloomberg analyst Eric Balchunas noted that “everything is delayed.”

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…

— James Seyffart (@JSeyff) March 11, 2025

In February, James Seyffart and Eric Balchunas shared their approval predictions for Litecoin, Solana, XRP, and Dogecoin ETFs. Litecoin has the highest approval odds at 90%, followed by Dogecoin at 75%. Solana holds a 70% chance, while XRP stands at 65%. The analysts noted that before President Donald Trump’s November election, these odds were below 5%. Additionally, the approval chances for all Exchange-Traded Funds listed by Balchunas and Seyffart may increase if US regulatory conditions continue to improve.

NEW: @EricBalchunas and I took a look at the filings for spot crypto ETFs. We're putting out relatively high odds of approval across the board. Mainly focused on Litecoin, Solana, XRP, and Dogecoin for now.

Here's the table with the odds and some other details: pic.twitter.com/xaXaNXLb0M

— James Seyffart (@JSeyff) February 10, 2025

In early December, Trump chose pro-crypto businessman and former SEC Commissioner Atkins as the next SEC chair. However, confirmation hearings are still pending. This isn’t the SEC’s first ETF decision delay. On February 28, it extended the deadline for Cboe Exchange’s request to list Ether options. The SEC’s recent delays come after Trump signed a historic order establishing a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile.

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