- The SEC has decided to extend its review of several altcoin ETF filings until May, delaying a final decision.
- Data from Polymarket indicates increasing chances of approval for Solana, Ripple, Cardano, and Dogecoin ETFs.
Despite heightened expectations for altcoin ETF approvals in 2025, the U.S. Securities and Exchange Commission (SEC) has once again postponed its ruling on various applications.
SEC Postpones ETF Approval
On March 11th, the SEC announced in a series of notices that it would need more time to review proposed rule changes for Ripple [XRP], Solana [SOL], Litecoin [LTC], and Dogecoin [DOGE] ETFs.
Applications like Grayscale’s XRP ETF and Cboe BZX Exchange’s Solana ETF are among those affected by the extended review period, now pushed back to May.
This delay has increased investor interest in obtaining regulatory clarity, leading to speculations about potential altcoin ETF approvals in the near future.
For reference, the SEC had previously acknowledged the 19b-4 filings, a crucial step for listing ETFs on Wall Street platforms. Typically, the commission has 45 days to review filings, but this period can be extended by another 45 days.
Further delays are possible, with additional 45- and 60-day extensions potentially prolonging the decision-making process.
Analysts’ Perspectives
Despite the delay, Bloomberg analyst James Seyffart mentioned that the extension was expected, as the SEC typically takes the full review period before reaching a final verdict.
In a tweet, Seyffart commented,
“Yes, the SEC just delayed decisions on several altcoin ETF filings including Litecoin, Solana, XRP & DOGE. This is standard procedure and Atkins hasn’t been confirmed yet.”
In December, former SEC Commissioner Paul Atkins, known for his pro-crypto stance, was selected by Trump to lead the agency. However, his confirmation is pending congressional hearings.
Seyffart added,
“This does not alter our (relatively high) approval odds. Also, note that final deadlines are not until October for these.”
Confirming the delay in approvals, fellow Bloomberg ETF analyst Eric Balchuna further stated,
“Eth staking and in-kind also delayed. Everything delayed. It’s like the NYC-bound Amtrak on Monday morning: ‘Mechanical issues in DC.’”
Will Mark Uyeda’s Approach Differ from Gensler’s?
There is speculation regarding acting SEC Chairman Mark Uyeda’s regulatory stance, with some anticipating a continuation of Gary Gensler’s strategy. However, Uyeda’s proposal to eliminate a rule change extending oversight to crypto firms suggests a potential deviation.
Optimism for altcoin ETFs is on the rise, as Polymarket data indicates an 87% probability of approval for a Solana ETF, 75% for XRP, 69% for Cardano [ADA], and 68% for Dogecoin.
While the U.S. remains cautious about altcoin ETF approvals, Asia is experiencing a shift in regulations. South Korea, a significant financial center, is gaining political support for crypto reforms.
Presidential candidate Han Dong-hoon has advocated for deregulating the crypto market and approving Bitcoin ETFs, indicating a changing landscape in the industry.
As countries ramp up their crypto initiatives, 2025 is poised to be a crucial year for the industry.