SEC Extends Deadlines on Grayscale and Solana ETF Filings as Regulatory Review Continues

• SEC delays decisions on Grayscale and Truth Social ETFs, citing need for further review.
• Grayscale challenges SEC’s delay, claims automatic approval under 240-day rule.
• XRP ETF decisions may come by October amid continued review of Bitwise’s BITW fund.

The U.S. Securities and Exchange Commission (SEC) has extended its review period for multiple crypto-related exchange-traded fund (ETF) proposals, including those from Grayscale and Truth Social, further delaying final decisions. According to official filings, the Commission cited the need for additional time to examine the proposed rule changes and associated issues.

Grayscale’s proposal to convert its existing Solana Trust into an ETF will remain under review through October 10, 2025. The extension falls within the SEC’s statutory authority under the Securities Exchange Act of 1934, which allows for a maximum decision window of 240 days. The Commission explained in its filing that the additional time would enable a more comprehensive evaluation of the proposal’s implications and structure.

Grayscale has refuted the timeline. The firm asserts that its ETF conversion should be treated as automatically approved beyond 240 days, following the assertion that the SEC does not have the capacity to delay its doing any further under Section 19b of the Exchange Act. This stance, when maintained, can result in additional clarification by further regulation or even court action.

Truth Social Bitcoin ETF Decision Pushed to Mid-September

In the same filing cycle, the SEC also delayed a decision on the Truth Social Bitcoin ETF application. However, the agency now expects to issue a final ruling by September 18, 2025. The extension echoes the approach taken in Grayscale’s case, with the SEC using its right to prolong review periods to assess both investor protection and market readiness for such products.

These delays do not always indicate a rejection, but rather an ongoing effort to analyze the possible risks and benefits associated with crypto-based ETFs. Both applications remain in procedural limbo pending final determinations.

Bitwise’s BITW and XRP Exposure Under Review

The Bitwise 10 Crypto Index ETF, BITW, also remains in a regulatory pause. Although the product initially received approval from the Trading and Markets Division, the full Commission has opted to initiate a formal review process. BITW currently includes XRP among its holdings, with an allocation of roughly 5.9%.
The review coincides with growing interest in spot XRP ETFs. According to Bloomberg analysts, the SEC may issue guidance on XRP-specific products as early as September or October.