28.07.2025 19:43

The Securities and Exchange Commission (SEC) has delayed its rulings on two significant cryptocurrency spot exchange-traded fund (ETF) applications. One application, notably linked to former President Trump's social media platform, Truth Social, has been postponed, along with a separate application for a Solana-based ETF submitted by Grayscale.

Truth Social's Bitcoin ETF application, filed in June, sought to capitalize on Trump's growing involvement in the cryptocurrency market. This includes previous ventures into memecoins and a decentralized finance (DeFi) project, World Liberty Financial, backed by his family. The SEC's decision on this application, carrying considerable political weight, has been deferred, adding another layer of uncertainty to the already volatile crypto landscape.

This latest postponement contrasts sharply with the SEC's earlier approval of numerous Bitcoin spot ETFs in January 2024. These ETFs, twelve in total, have already amassed over $54.8 billion in assets, showcasing remarkable investor interest and establishing them as a highly successful ETF category. While Ethereum ETFs have also secured approval, the SEC continues to carefully scrutinize applications for spot ETFs based on alternative cryptocurrencies (altcoins).

Specifically, the Grayscale Solana Trust application will now be reviewed by the SEC on October 10th. Grayscale faces competition from several other firms, including Canary, Bitwise, 21Shares, and VanEck, all vying for approval of a Solana-based spot ETF. The ongoing delay highlights the SEC's cautious approach to approving altcoin ETFs, a process differing significantly from the approval path followed by Bitcoin and Ethereum ETFs. This careful consideration reflects the SEC's commitment to investor protection within the rapidly evolving cryptocurrency market.

*This is not investment advice. For up-to-date information, please refer to reputable financial news sources and conduct thorough independent research.*