SEC Delays Rulings on Truth Social, Solana, and XRP ETFs

The U.S. SEC has once again delayed key decisions on multiple crypto ETFs, pushing deadlines into October. This move puts several highly anticipated products—including Truth Social’s Bitcoin-Ethereum ETF, Solana ETFs from 21Shares and Bitwise, and the 21Shares Core XRP Trust—on hold.

• Truth Social Bitcoin & Ethereum ETF decision delayed to Oct. 8
• Solana ETFs (21Shares & Bitwise) delayed to Oct. 16
• 21Shares Core XRP Trust decision delayed to Oct. 19
• SEC continues to extend reviews, clustering many ETF rulings for fall 2025
• BlackRock’s dominance in crypto ETFs highlights growing institutional appetite

On August 18, the SEC filed notices postponing decisions on three high-profile ETF applications. The Truth Social Bitcoin and Ethereum ETF—originally filed in June—would hold BTC and ETH directly, offering investors exposure through a commodity-based trust. Despite its branding under Donald Trump’s Truth Social platform, the product functions like other spot crypto ETFs already in the market.

Meanwhile, Cboe BZX is seeking approval for the first U.S. spot Solana ETFs through applications by 21Shares and Bitwise. These funds would hold SOL tokens directly, providing regulated access to Solana’s price performance. Alongside this, 21Shares is also pushing for its Core XRP Trust, which is designed to hold XRP and track its market value. That application, initially filed in February, was nearing its deadline when the SEC opted for an additional 60-day review period.

The latest delays are consistent with the SEC’s long-standing approach. Regulators often take full advantage of extension windows to evaluate proposals, collect feedback, and assess market implications. According to Bloomberg analyst James Seyffart, it’s typical for the SEC to run out the full timeline before issuing rulings.

October is shaping up to be a decisive month for crypto ETFs, as multiple pending applications—including those tied to XRP, Litecoin, and Dogecoin—are clustered for review. At the same time, Bitwise is awaiting a ruling on whether its Bitcoin and Ethereum ETFs can offer in-kind creations and redemptions, a move that could enhance efficiency for institutional investors.

Globally, crypto ETFs are expanding rapidly, with over a hundred listed worldwide. In the U.S., BlackRock’s iShares Bitcoin Trust leads the pack, managing over $87 billion in assets. Its dominance reflects the growing popularity of ETFs as an entry point for institutional and retail investors alike.

Final Thought

The SEC’s latest extensions may frustrate crypto investors eager for diversification beyond Bitcoin and Ethereum, but October could prove to be a pivotal month. With Solana, XRP, and other altcoin ETFs on the line, the fall calendar may reshape the crypto ETF landscape—and bring new legitimacy to alternative digital assets.