SEC Extends Review Period for Truth Social and Altcoin ETF Applications to October

TLDR

• SEC postponed decisions on multiple crypto ETFs to October 2025
• Truth Social Bitcoin and Ethereum ETF decision now set for October 8
• Solana ETFs from 21Shares and Bitwise delayed until October 16
• 21Shares Core XRP Trust decision extended to October 19
• These delays are typical as SEC often uses full extension periods for new crypto products

The Securities and Exchange Commission (SEC) has pushed back decisions on several cryptocurrency exchange-traded funds (ETFs), extending review deadlines into October 2025. The delays affect high-profile applications including the Truth Social Bitcoin and Ethereum ETF, Solana products from 21Shares and Bitwise, and the 21Shares Core XRP Trust.

According to notices filed on August 18, the SEC set a new decision date of October 8 for NYSE Arca’s Truth Social Bitcoin and Ethereum ETF. This fund, branded under US President Donald Trump’s social media platform, would hold Bitcoin and Ethereum directly and issue shares backed by these assets.

The agency also delayed rulings on the first potential US spot Solana ETFs filed by 21Shares and Bitwise until October 16. These products would hold Solana tokens directly and provide investors with exposure to SOL’s price performance through a regulated investment vehicle.

Additionally, the decision on 21Shares’ Core XRP Trust has been postponed to October 19. This trust, designed to hold XRP and track its market value, was approaching its 180-day deadline before the SEC granted itself an additional 60 days for review.

October Shapes Up as Key Month for Crypto ETF Decisions

The recent extensions follow a pattern of SEC delays on crypto ETF applications throughout the summer. Many of these decisions are now clustering around October deadlines, creating a potentially pivotal month for the crypto ETF landscape.

The delays include applications for products tied to various cryptocurrencies including XRP, Litecoin, and Dogecoin. CoinShares’ application for a spot Litecoin ETF is among those pushed to fall review dates.

Bloomberg ETF analyst James Seyffart noted on social media that the SEC “typically takes the full time to respond to a 19b-4 filing” and that “almost all of these filings have final due dates in October.” An early decision would be “out of the norm,” according to Seyffart.

The SEC is also reviewing a request from Bitwise to allow in-kind creations and redemptions for its spot Bitcoin and Ethereum ETFs. That decision, now expected in September, would determine whether investors can exchange ETF shares directly for the underlying crypto rather than cash.

Growing Crypto ETF Market Led by BlackRock

These delays come as the US crypto ETF market continues to expand. The market currently features a dozen spot Bitcoin ETFs, several Ethereum products, and growing applications for SOL, XRP, and other tokens.

BlackRock’s iShares Bitcoin Trust has emerged as the dominant player, with more than $87 billion in assets under management. Its scale, liquidity, and brand recognition have attracted the majority of investor flows, far outpacing its competitors.

The new filings follow the success of existing Bitcoin and Ethereum ETFs and reflect growing interest from traditional finance firms previously hesitant about crypto assets. The political environment under the Trump administration has also been viewed as more favorable toward cryptocurrency innovation.

Two major US exchanges recently asked the SEC to approve amendments that could speed up the approval process for future crypto ETFs. Cboe BZX and NYSE Arca requested changes to their listing standards that would allow certain crypto ETFs to be listed without the SEC’s full evaluation under Rule 19b-4.

Bloomberg Senior ETF Analyst Eric Balchunas told Decrypt that these delays were “nothing significant” and likely timed to follow a potential SEC approval of the exchanges’ amendments next month after a comment period concludes.

“Even though it feels like ‘Isn’t this SEC supposed to approve all this stuff?’, the listing standards are out for comment,” Balchunas said. “So just in the nick of time, these listing standards should be approved. And then we’re anticipating a batch of approvals based on the listing standard starting in October.”

As crypto ETFs continue gaining popularity globally, with over a hundred crypto-related ETFs listed worldwide, October may prove to be a decisive month for the next wave of crypto investment products reaching US markets.

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