tl;dr
The U.S. Securities and Exchange Commission (SEC) has delayed decisions on Bitcoin and Solana ETFs, including the Truth Social Bitcoin ETF and Grayscale Solana Trust conversion, extending deadlines to September 18 and October 10, respectively. The SEC cited the need for more time to review proposed ...
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on whether to approve exchange-traded funds (ETFs) tied to Bitcoin and Solana, continuing a pattern of regulatory caution toward crypto-linked investment products. The SEC announced it will take up to an additional eight weeks to decide on the Truth Social Bitcoin ETF and the conversion of the Grayscale Solana Trust into an ETF.
The deadline for the SEC to decide on Grayscale’s Solana Trust conversion is now October 10, while the agency must rule on the Truth Social Bitcoin ETF by September 18. The SEC cited the need for more time to thoroughly consider the proposed rule changes and the issues involved. By law, under the Securities Exchange Act of 1934, the SEC has 180 days from the publication of a proposed rule change to make a decision but is allowed deadline extensions.
The Truth Social Bitcoin ETF proposal was opened for public comment on June 20, 2025, and the Solana Trust conversion on February 12, 2025. These recent delays coincide with a broader review of cryptocurrency-based ETF applications under the SEC’s scrutiny. Despite adopting a more crypto-friendly stance recently, the agency remains cautious and methodical in its approach.
Leadership changes earlier this year included the appointment of crypto advocate Paul Atkins as SEC chairman, following the departure of several digital asset skeptics. Meanwhile, several cryptocurrency-themed ETFs, including those linked to Solana, XRP, Trump-themed tokens, and Dogecoin, remain under review. Deadline extensions have been a common practice in the SEC’s ETF approval process.
For example, on July 16, the SEC pushed back the decision deadline for allowing in-kind redemptions for the Bitwise Bitcoin and Ethereum ETF Trusts. Earlier this summer, the agency also delayed the launch of a Grayscale fund that would track Bitcoin, Ethereum, Solana, XRP, and Cardano prices. These actions highlight the SEC’s ongoing deliberate scrutiny over cryptocurrency investment vehicles.