Deja Vu? SEC Kicks Solana, XRP, Truth Social Crypto ETFs Into Long Grass

[Ben Graham]

The U.S. Securities and Exchange Commission (SEC) has once again kicked key crypto ETF applications into the long grass, delaying a slate of high-profile filings until October – in a deja vu moment for SEC crypto timelines.

In notices filed August 18, the regulator extended review deadlines for NYSE Arca’s Truth Social Bitcoin-Ethereum ETF to October 8, for 21Shares’ and Bitwise’s Solana funds to October 16, and for the 21Shares Core XRP Trust to October 19.

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The Truth Social ETF, submitted in June and backed by Trump Media’s platform, is structured as a commodity-based trust holding BTC and ETH directly.

While it mirrors the mechanics of approved spot ETFs, political optics have drawn scrutiny. Watchdogs, including Accountable.US, argue that Trump’s deep ties to crypto ventures could undermine confidence in the SEC if the fund proceeds.

Solana’s applications, lodged by 21Shares and Bitwise through Cboe BZX, would mark the first U.S. spot Solana ETFs.

The products are designed to provide institutional exposure to SOL without custody risk, a critical step as Solana’s market cap pushes past $80Bn and institutional demand builds.

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XRP Trust Filings Are Also Hitting SEC Crypto Delays

U.S. SEC DELAYS COINSHARES AND 21SHARES $XRP ETFS

— The Wolf Of All Streets (@scottmelker) August 18, 2025

XRP’s trust filing, first lodged in February, was also pushed back despite already nearing its 180-day deadline, as was the Coinshares Litecoin ETF filing.

These delays are consistent with the SEC’s standard playbook: exhausting every extension period before a final ruling.

Bloomberg ETF analyst James Seyffart has noted that the agency “almost always” runs down the clock on 19b-4 filings. October is now stacked with final decision dates across altcoin ETFs, from Litecoin to Dogecoin.

The SEC has announced a delay for @CoinSharesCo’s Litecoin ETF, setting a new deadline of Oct 23rd, 2025 for the decision. https://t.co/2hd9X1SDis pic.twitter.com/XmZmU3S7BQ

— Litecoin Foundation (@LTCFoundation) August 18, 2025

The extensions occur against a backdrop of accelerating flows into spot BTC and ETH ETFs, which drew a combined $3.75Bn in net inflows last week.

BlackRock’s iShares Bitcoin Trust alone controls more than $87Bn in AUM. By contrast, altcoin products remain in limbo, their fate hinged on an SEC still reluctant to extend legitimacy beyond Bitcoin and Ethereum.

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