The U.S. Securities and Exchange Commission (SEC) has postponed its decision on spot exchange-traded funds (ETFs) for several altcoins, delaying the approval process of several high-profile applications.
Affected applications include VanEck Spot Solana ETF, Canary Spot Litecoin ETF, Canary Spot Solana ETF, Canary Spot XRP ETF, Grayscale Spot XRP ETF, Grayscale Litecoin ETF, and Grayscale Spot Dogecoin ETF.
Bloomberg ETF analysts Eric Balchunas and James Seyffart assessed the delay, saying it was expected given the SEC’s standard due diligence procedures.
Seyffart noted that the delay did not necessarily reduce the likelihood of approval.
He said, “Yes, the SEC has delayed a number of altcoin ETF applications, including Litecoin, Solana, XRP, and DOGE. This is expected as this is standard procedure and Atkins hasn’t even started his job yet. This doesn’t change our (relatively high) odds of approval. Also note that the final deadlines for these aren’t until October.”
Balchunas also reminded in his statement that the decisions that would bring in-kind refunds to the currently traded Bitcoin and Ethereum spot ETFs were also postponed by the SEC, commenting that “everything is being postponed.”