The U.S. Securities and Exchange Commission (SEC) has postponed its decision to approve several exchange-traded funds (ETFs) for XRP, Solana, Litecoin, and Dogecoin.
SEC's Decision Delay
On March 11, the SEC announced it has extended the decision period for proposed rule changes that would allow ETFs to proceed. Affected ETFs include Grayscale’s XRP and Cboe BZX Exchange’s spot Solana ETF, with decisions delayed until May.
Analysts' Expectations
Bloomberg ETF analyst James Seyffart mentioned that the SEC's delay on these ETF filings isn't seen as cause for concern. He stated that such a move is expected, as it follows standard procedure, especially since new SEC chair Paul Atkins is yet to be confirmed.
Historical Context and Implications
This is not the first time the SEC has extended deadlines. Earlier, the decision on Cboe Exchange’s request for options tied to ETH ETFs was also delayed. During Gary Gensler’s tenure, the SEC was noted for aggressive regulatory actions, but many cases were closed following his departure. Acting SEC Chairman Mark Uyeda has proposed eliminating a rule change that would have extended regulations to crypto firms.
The postponement by the SEC of ETF approval decisions for several altcoins has led to market anticipation. Analysts view it as a standard procedure amidst leadership changes at the agency.
