SEC Delays Approval Decision for Litecoin, Doge, Solana, and XRP ETFs
- The US Securities and Exchange Commission (SEC) has delayed its decision to approve several crypto exchange-traded funds (ETFs).
- Litecoin, Doge, Solana, and XRP ETFs are affected by the delay.
- Bloomberg ETF analyst James Seyffart mentioned that this delay is standard procedure.
The SEC recently announced a delay in approving ETFs for Litecoin, Doge, Solana, and XRP. In filings released on March 11, the SEC extended the review period to determine the outcome of proposed rule changes for these ETFs.
Insights from Bloomberg Analysts
James Seyffart, an ETF analyst at Bloomberg, commented on the delay, stating that it is a standard process. He also noted that the final decision deadlines for these ETFs are not until October. Eric Balchunas, another Bloomberg ETF analyst, compared the situation to a delayed Amtrak train, suggesting that everything is currently on hold.
Seyffart and Balchunas believe that the Litecoin ETF has a high chance of approval by 2025.
Rise in ETF Applications
As investor interest in cryptocurrencies grows, the number of ETF applications has increased in recent months. VanEck recently registered for an Avalanche ETF, while Nasdaq filed for a Hedera ETF. NYSE Arca also submitted a form to list the Bitwise Dogecoin ETF.
These developments coincide with a pro-crypto stance taken by US President Donald Trump, who has made changes within his administration to support the crypto industry. The appointment of Paul Atkins as the new SEC chair is seen as a step towards providing clearer guidelines for the crypto market.
