SEC Delays ETF Applications for Altcoins such as SOL and XRP; Bloomberg Analyst: This was Anticipated, Timing is Crucial.

According to an official announcement from the U.S. Securities and Exchange Commission (SEC), the regulatory body announced this morning that it has postponed the applications for various altcoin ETFs including Solana, Litecoin, XRP, and DOGE.

In addition, the SEC also delayed the physical creation and redemption of BTC and ETH spot ETFs, as well as applications related to staking functions in the ETH ETF.

In response, Bloomberg ETF analyst James Seyffart stated that this outcome was expected, as the SEC is unlikely to make any approval decisions before Paul Atkins officially takes office. Paul Atkins is the new SEC commissioner nominated by Trump and is currently awaiting Senate approval, while the SEC is currently being led by an acting commissioner. James Seyffart said:

“This is to be expected, as this is standard procedure and Atkins has not even been confirmed yet. This will not change our (relatively high) chances of approval. Also note that the final deadline for these applications is in October.”

The SEC has delayed the approval process for the 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. Previously, Bloomberg senior ETF analyst Eric Balchunas indicated that the U.S. Securities and Exchange Commission is likely to wait until Atkins is confirmed before taking action.