SEC Delays Decisions on Truth Social, Solana and XRP ETFs

The US Securities and Exchange Commission (SEC) has postponed decisions on three high-profile crypto exchange-traded funds (ETFs), extending review deadlines until October. The agency established new decision dates through notices filed on August 18: October 8 for the Truth Social Bitcoin and Ethereum ETF on NYSE Arca, October 16 for Solana ETFs from 21Shares and Bitwise, and October 19 for the 21Shares Core XRP Trust.

The Truth Social Bitcoin and Ethereum ETF, filed on June 24, is structured as a commodity-based trust that directly holds Bitcoin and Ethereum and issues shares backed by these assets. Although it bears the Truth Social platform brand of President Donald Trump, it functions similarly to other spot Bitcoin and Ether ETFs already on the market.

Cboe BZX is also seeking approval for the first US spot Solana ETFs through filings from 21Shares and Bitwise. These products would hold Solana tokens and offer investors a secure way to gain exposure to Solana's price performance.

A separate application from 21Shares targets the launch of the Core XRP Trust, designed to hold XRP and track its market value. First filed in February and later amended, the trust was approaching its 180-day deadline on Wednesday before the SEC granted itself an additional 60 days for review.