The US Securities and Alternate Fee has delayed its choice to approve a number of XRP, Solana, Litecoin and Dogecoin exchange-traded funds.
In a slew of filings on March 11, the company mentioned it has “designated an extended interval” to resolve on the proposed rule adjustments that may enable the ETFs to proceed.
Among the many affected ETFs are Grayscale’s XRP (XRP) and Cboe BZX Alternate’s spot Solana (SOL) ETF filings, with the choices on them pushed till Might.
The SEC has delayed making a choice to approve a number of altcoin ETFs. Supply: SEC
Bloomberg ETF analyst James Seyffart mentioned in a March 11 X submit that whereas the SEC simply “punted on a bunch of altcoin ETF filings,” he didn’t see it as a trigger for concern. “It’s anticipated, as that is normal process.”
He added that US President Donald Trump’s decide to chair the SEC, Paul Atkins, “hasn’t even been confirmed but.”
“This doesn’t change our (comparatively excessive) odds of approval. Additionally word that the ultimate deadlines aren’t till October,” Seyffart mentioned.
Supply: Samuel Maverick
Fellow Bloomberg ETF analyst Eric Balchunas additionally chimed in, saying that “every little thing [is] delayed,” together with ETFs that includes Ether (ETH) staking and in-kind redemptions.
Un early December, Trump picked pro-crypto businessman and former SEC Commissioner Atkins to be the company’s subsequent chair. Nevertheless, congressional affirmation hearings are but to be scheduled.
This isn’t the primary time the SEC has prolonged an ETF choice deadline. On Feb. 28, it prolonged the deadline for Cboe Alternate’s request to listing choices tied to Ether (ETH) ETFs.
This adopted the SEC receiving a raft of altcoin ETF filings within the wake of Trump’s election and the resignation of former SEC Chair Gary Gensler.
Associated: Altcoin ETFs are coming, however demand could also be restricted: Analysts
Gensler’s time on the SEC got here with what the business mentioned was an aggressive regulatory stance towards crypto, with 100 crypto-related regulatory actions throughout his tenure from 2021 till his resignation on Jan. 20.
Since Gensler’s departure, a rising variety of companies going through authorized motion from the regulator have had their instances dismissed, together with crypto trade Gemini on Feb. 26 and crypto buying and selling agency Cumberland DRW on March 4.
In the meantime, appearing SEC Chairman Mark Uyeda has additionally proposed abandoning a part of a rule change that may have expanded regulation of other buying and selling techniques to incorporate crypto companies.
Journal: SEC’s U-turn on crypto leaves key questions unanswered
