SEC Postpones Decisions on Truth Social Bitcoin ETF and Grayscale Solana Conversion

The U.S. Securities and Exchange Commission (SEC) has again delayed its decision on two prominent crypto-related exchange-traded fund (ETF) proposals, extending its measured stance on digital asset investment vehicles.

In new filings published Monday, the regulator announced it would take additional time to evaluate the proposed Truth Social Bitcoin ETF and the Grayscale Solana Trust’s conversion into an ETF. The new deadlines are set for September 18 for the Truth Social Bitcoin ETF and October 10 for Grayscale’s Solana ETF conversion.

The agency cited the need for "sufficient time to consider the proposed rule change and the issues raised therein," a standard clause used in such extensions. Both ETF proposals had been submitted for public comment earlier this year — Truth Social’s on June 20 and Grayscale’s on February 12 — under the formal rule change process dictated by the Securities Exchange Act of 1934. The law allows the SEC up to 180 days to make a final decision, with possible extensions.

These postponements come as part of a broader pattern of regulatory restraint even amid growing political and institutional interest in cryptocurrency-based ETFs. Despite recent leadership changes and a perceived shift toward crypto-friendlier sentiment — including the appointment of former Commissioner Paul Atkins as SEC Chair under the Trump administration — the agency continues to apply rigorous scrutiny to these products.

Alongside the delayed Bitcoin and Solana products, the SEC is also reviewing ETF applications tied to other digital assets like XRP, Dogecoin, and even tokens themed around Donald Trump. The backlog reflects both the complexity and political sensitivity of integrating crypto into mainstream financial instruments.

Just two weeks prior, on July 16, the SEC similarly delayed its decision on in-kind redemption mechanisms for Bitwise’s Bitcoin and Ethereum ETFs — an essential feature for institutional investors. Additionally, a proposed Grayscale multi-asset ETF, covering Bitcoin, Ethereum, Solana, XRP, and Cardano, remains stalled since earlier this summer.

While deadline extensions are a routine part of the SEC’s regulatory toolkit, the continued holdups underscore how the agency is balancing market demand with concerns over volatility, custody, and investor protection in the fast-evolving crypto landscape.