- The SEC has delayed its decisions on at least nine crypto ETF filings, including those for Bitcoin, Ethereum, Dogecoin, Litecoin, and XRP.
- The delays have pushed the decision deadlines for many of these products into October, with the regulator also holding off on a proposal for staking and in-kind redemptions.
- According to Bloomberg analyst James Seyffart, these delays are considered normal as the SEC works to establish a clear regulatory framework before approving new crypto-related investment products.
Once again, the US Securities and Exchange Commission (SEC) has pushed back rulings on at least nine crypto ETF filings, effectively extending the deadlines across multiple crypto products as of August 18.
The delays cover Trump’s Truth’s spot Bitcoin and Ethereum funds, CoinShares’ Litecoin ETF, Grayscale’s Dogecoin proposal, and several XRP investment products submitted by CoinShares, Bitwise, Canary, Grayscale, and others.
If that was not enough, the Commission also held off on 21Shares’ staking feature tied to its spot Ethereum ETF, and Bitwise’s proposal to allow in-kind redemptions for Bitcoin and Ethereum.
Related: US Treasury Sanctions Garantex, Successor Grinex, and Executives in Crypto Crackdown
Yet Another Delay
The regulator is known for taking its time, and it sure loved exercising that right this year.
In March, it held back rulings on altcoin filings tied to XRP, Litecoin, and Dogecoin, including CoinShares’ plan for a spot Litecoin ETF. Now they all fall into the same October cluster.
The Truth Social fund, filed in late June, is set up as a commodity trust with direct holdings of Bitcoin and Ether. Despite the branding tied to Donald Trump’s media platform, its mechanics match other spot crypto ETFs already on the market.
Bloomberg’s James Seyffart has repeatedly stated that these types of delays are normal, and that the SEC is likely trying to establish a robust digital asset framework before accepting any products.
Delays on spot crypto ETFs are expected. A bunch of XRP ETPs have dates in the next few days (…) The SEC typically takes the full time to respond to a 19b-4 filing. Almost all of these filings have final due dates in October.
James Seyffart, Analyst at Bloomberg Intelligence.Seyffart is referring to a new draft system where issuers would not need to file a separate 19b-4 rule-change request for each product. Instead, they would submit standard S-1 registration statements, observe the 75-day waiting period, and list funds automatically if underlying tokens met agreed requirements.
The criteria for revision includes market cap, trading activity on regulated exchanges, and daily liquidity levels.
Related: Bitcoin Slips Below $120K After US Treasury Rules Out Further Purchases
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