SEC delays approval of XRP, SOL, LTC, ADA, and DOGE ETFs

The SEC has delayed its decision on crypto spot ETFs, pushing back approvals for VanEck Spot Solana ETF, Canary Spot Litecoin ETF, Canary Spot Solana ETF, Canary Spot XRP ETF, Grayscale Spot XRP ETF, and Grayscale Spot Dogecoin ETF, according to court filings on Tuesday.

Investors hoping for a quick green light will now have to wait until May 2025 to find out if these applications will be approved, rejected, or kicked further down the road.

The SEC says it needs more time to review the proposals. Each ETF now has a new deadline where the SEC will either approve, reject, or delay the process again if it so wishes. No approvals, no denials—just another delay.

SEC pushes back deadlines for multiple ETFs

For ADA, the SEC has officially designated May 29, 2025, as the new deadline for deciding on the Canary Spot ADA ETF. In its filing, the commission said the extension gives it “sufficient time to consider the proposed rule change and the issues raised therein.”

For XRP, the new deadline is May 22, 2025. This affects both the Canary Spot XRP ETF, Bitwise’s Spot XRP ETF and the Grayscale Spot XRP ETF, both of which have been waiting for approval.

According to the filing, the SEC is using Section 19(b)(2) of the Act to justify the delay, which allows the agency to extend deadlines if additional review is required.

Litecoin (LTC) was originally scheduled for a decision by March 29, 2025, but the SEC invoked its right to push that deadline to May 13, 2025. The filing says the SEC needed extra time to “evaluate the proposed rule change, as modified by Amendment No. 1.”

Dogecoin (DOGE) is in the same boat. The SEC has now designated May 21, 2025, as the date for its ruling on the Grayscale Spot Dogecoin ETF. Like the others, this delay is being handled under Section 19(b)(2) of the Act, which allows the SEC to push back decisions when further analysis is needed.

For Solana (SOL), the commission has set May 19, 2025, as the new deadline for deciding on the VanEck Spot Solana ETF and the Canary Spot Solana ETF. The SEC’s filing confirms that, like the other cases, this delay is being used to allow for “further review of the proposed rule change.”

SEC sets roundtables to discuss crypto regulation

Meanwhile on March 3rd, the SEC announced that it is moving forward with a series of crypto regulation roundtables as part of its Crypto Task Force. The first event, “How We Got Here and How We Get Out – Defining Security Status,” is scheduled for March 21, at the SEC’s headquarters in Washington, D.C.

The event will be open to the public, running from 1 p.m. to 5 p.m., with a live stream available on SEC.gov and a recording posted afterward. Discussion topics will include how crypto assets are classified, what regulatory standards should be applied, and how the SEC plans to enforce compliance.

Hester Peirce, the SEC Commissioner leading the Crypto Task Force, commented on the importance of the event, saying, “I am looking forward to drawing on the expertise of the public in developing a workable regulatory framework for crypto. The roundtables are an important part of our engagement with the public.”

The Crypto Task Force was officially launched on January 21 by Acting SEC Chairman Mark Uyeda. Its goal is to create clearer rules for crypto, provide realistic compliance pathways, and refine the SEC’s approach to enforcement.

The public will have opportunities to contribute to discussions, either by attending the roundtables or requesting direct meetings with the task force.

Trump’s permanent pick for SEC Chairman, Paul Atkins, is still waiting for Senate confirmation. Once confirmed, Atkins is expected to push pro-crypto policies even further, seeing as he has been a crypto investor since 2010.

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