SEC Delays Crypto ETF Decisions: Solana, XRP & Truth Social Face October Cliffhanger

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Well, isn’t this just dandy? The Securities and Exchange Commission (SEC), that lovely bunch of regulatory fairy godmothers, has once again decided to hit pause on their decision-making process regarding some of the most eagerly awaited crypto exchange-traded funds (ETFs). Because, of course, nothing says progress like a good ol’ delay. 💤

On August 18, the SEC strutted in with notices extending the deadlines for not one, not two, but three very shiny, very promising products. These include the Truth Social Bitcoin and Ethereum ETF, Solana ETFs (courtesy of 21Shares and Bitwise), and the 21Shares Core XRP Trust. Not exactly a speedy show, is it?

Mark your calendars-October is shaping up to be the month of suspense. These products are now scheduled for review on dates that sound more like deadlines for a holiday than serious financial decisions: October 8, October 16, and October 19. The financial world holds its breath again, perhaps wondering if the SEC has turned into the ultimate procrastinator. Or maybe just someone with a stylish calendar that likes to keep us guessing. 📅🤷‍♂️

Truth Social’s Bitcoin and Ethereum ETF

The star of this delay saga is the Truth Social Bitcoin and Ethereum ETF, which now has a final ruling date of October 8. Originally filed on June 24, this ETF claims to be a straightforward commodity-based trust that holds Bitcoin and Ethereum directly. Think of it as a digital piggy bank with a Trumpy twist. 🐷🇺🇸

Yes, it bears the familiar name of Donald Trump’s media empire, but in essence, it’s pretty much a clone of other spot Bitcoin and Ethereum ETFs already floating around. The branding’s probably just a clever marketing ploy-sort of like putting a tuxedo on a pig, just to make sure you notice it.

Solana ETFs from 21Shares and Bitwise

Meanwhile, the SEC decided to also play a game of “wait and see” with the Solana ETFs proposed by 21Shares and Bitwise. If approved, these would hold SOL tokens directly, offering investors a new way to get in on Solana’s booming (or possibly busting) market. Exciting times! Or at least, exciting enough for a procedural delay.

The deadline for these Solana ETFs, along with the Truth Social products and the XRP Trust, has been pushed all the way to October 8, 2025. Because, clearly, the SEC loves to keep us on our toes. Or perhaps they’re just really fond of October. 🍁

Both are filed via Cboe BZX Exchange and are meant to track Solana’s market value directly. Given Solana’s reputation as one of the “top altcoins,” approval would be like giving a green light to a new rollercoaster-thrilling or terrifying, depending on your taste.

XRP Trust Joins the Waiting Game

And then comes the XRP Trust, which originally filed in February and is now fashionably late. Its review period, initially ticking nicely along, has been extended twice-once by 60 days-to October 19. It’s like a procrastinator’s favorite game: “Maybe I’ll decide later.”

This XRP product, along with others tied to Dogecoin and Litecoin, has become part of October’s frantic schedule of approvals and delays. Some might wonder if the SEC has secretly turned October into crypto’s official ‘wait and see’ month. 🎲

Speeding Up the Process? Maybe.

Now, here’s a glimmer of hope: new rules might make the approvals quicker than a cat chasing a laser pointer. Currently, every ETF proposal has to go through what’s called Rule 19b-4, which can drag out for up to 240 days-pretty much a forever in bureaucrat time.

If those rules get a makeover (and the buzz suggests they might as soon as next month), many of these ETF applications could be approved with less fuss-probably faster than it takes to brew a strong cup of coffee. ☕️

In short-if Bloomberg’s resident prophet of crypto, Eric Balchunas, is right-the curtains may rise on a flurry of approvals soon. October might just turn into the hottest month in crypto since, well, last October. The suspense is killer.

So buckle up, folks. It’s a waiting game with more twists and turns than a soap opera. And in the meantime, we’ll just sip our coffee and watch the regulatory circus roll on. 🎪

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2025-08-20 01:00