The U.S. Securities and Exchange Commission (SEC) has postponed its decision on multiple cryptocurrency exchange-traded funds (ETFs), extending the review process for Solana (SOL), XRP, Litecoin (LTC), and Dogecoin (DOGE) investment products. Major issuers, including Grayscale, VanEck, Canary Capital, Bitwise, and 21Shares, were affected by the delays.
Despite regulatory uncertainty, firms continue to file new ETF applications, signaling strong institutional demand. Meanwhile, Canary Capital has applied for the first-ever Sui ETF, while Hashdex seeks to expand its Nasdaq Crypto Index US ETF (NCIQ) to include additional altcoins.
SEC Extends Decision Deadline on Crypto ETFs
On March 11, the SEC announced a delay in approving multiple spot crypto ETFs, stating it required more time to evaluate the applications. Filings from leading asset managers, including Grayscale’s XRP and Dogecoin ETFs, were among those affected. Solana ETF proposals from 21Shares, Canary Capital, and VanEck, as well as XRP ETFs from Bitwise and Canary, also faced postponements.
Bloomberg ETF analyst James Seyffart said the delays were expected as part of the SEC’s standard review process. He estimated the regulator could take until mid-October to reach a final decision. Despite the postponements, Seyffart and fellow Bloomberg analyst Eric Balchunas projected strong approval odds for certain altcoin ETFs in 2025. They estimated a 90% approval likelihood for Litecoin, 75% for Dogecoin, 70% for Solana, and 65% for XRP.
Franklin Templeton recently joined the growing list of firms filing for crypto ETFs, submitting an application for a spot XRP ETF. The SEC also delayed decisions on in-kind creation and redemptions for BlackRock’s IBIT and Fidelity’s FBTC and FETH. Additionally, a proposal by 21Shares to integrate staking into its Ethereum ETF remains under review.
Canary Capital Moves Forward with Sui ETF
Institutional interest in crypto ETFs remains strong, with new filings continuing despite regulatory delays. Canary Capital recently applied for SEC approval to launch the first-ever ETF tied to the spot price of Sui (SUI), a cryptocurrency associated with the Sui Network.
Canary Capital founder Steven McClurg said market sentiment had shifted following the U.S. presidential election, increasing optimism for crypto ETF approvals. The Sui ETF is Canary’s sixth crypto ETF filing, following applications for Litecoin, Hedera, Axelar, XRP, and Solana.
Sui Foundation confirmed that World Liberty Financial (WLFI), a crypto project linked to Donald Trump, plans to include Sui in its strategic reserves. WLFI co-founder Zak Folkman said Sui’s innovation and adoption aligned with the company’s mission to expand decentralized finance in the U.S. He added that the partnership would support foundational DeFi assets in the coming months.
Sui currently holds a market capitalization of over $7.4 billion and ranks among the top 25 cryptocurrencies, according to CoinMarketCap.
Hashdex Seeks to Expand Nasdaq Crypto Index ETF
Meanwhile, asset manager Hashdex has filed to expand its Nasdaq Crypto Index US ETF (NCIQ) to include altcoins. The fund, which currently manages around $66 million in assets, provides market-cap-weighted exposure to Bitcoin (BTC) and Ethereum (ETH) through a regulated exchange-traded product.
Hashdex’s website states that NCIQ follows the Nasdaq Crypto US Settlement Price Index, a rules-based methodology that may include additional assets over time. The firm’s proposed expansion would add XRP, Solana, Cardano, Chainlink, Uniswap, Litecoin, and Avalanche.
Hashdex already operates a similar product on the Bermuda Stock Exchange, which offers exposure to multiple cryptocurrencies. The U.S. version of the ETF aims to provide broader market access as interest in diversified crypto investment products grows.
While the SEC has yet to approve any of these new ETF applications, institutional demand continues to rise. Industry analysts believe that the shifting regulatory landscape may pave the way for multiple approvals before the end of 2025.
