ETF Delays Are Piling Up - But Investors Aren’t Worried Yet

The SEC has delayed decisions on multiple crypto ETF proposals last week, including those tied to Solana, XRP and Dogecoin. Applications from well-known firms like Fidelity, Bitwise, VanEck, 21Shares, and Canary Capital remain under review, with new deadlines now pushed into the summer.

While each delay is technically separate, the timing has drawn attention. In just a few days, nearly all major altcoin ETF proposals saw their timelines extended, and none appear close to approval in the short term. But should investors be concerned?

Delays don’t mean denial

At first glance, it might seem like the SEC is pushing back on altcoin ETFs altogether. But delays are standard in this process. Spot Bitcoin ETFs faced similar extensions in 2023 before eventually receiving approval. Ethereum’s ETFs went through the same route. The SEC has the authority to delay decisions multiple times, and it often uses the full timeline allowed – up to 240 days from the original filing.

That’s exactly what seems to be happening now. Most of the delayed applications are still within the early or middle part of that window.

The market still expects approval

Despite the slow pace, investor confidence remains high. On prediction platform Polymarket, odds for approval of a Solana ETF by the end of 2025 currently stand at 87%. XRP is close behind at 83%, followed by Litecoin at 78%, Cardano at 71%, and Dogecoin at 66%.

Short-term expectations are lower: none of these tokens have more than a 25% chance of approval before July 31. This reflects the belief that the SEC is likely to take its time – but still eventually approve the proposals.

Other countries are already moving forward

While U.S. regulators are still reviewing the filings, other markets have taken quicker steps. Canada approved the world’s first Solana ETF in April, which includes staking. Brazil launched an XRP ETF via Hashdex. These products offer regulated exposure to those coins and show that ETF structures for altcoins are already in use elsewhere.

These international approvals don’t influence the SEC directly, but they add pressure by proving that such ETFs can be launched safely and meet regulatory standards outside the U.S.

What’s next?

The next key date is July 8, when the SEC is scheduled to decide on Fidelity’s Solana ETF – though another delay remains possible. Other proposals will reach their final deadlines later in the year, with most falling in Q3 or early Q4.

For now, the delays appear procedural rather than negative. While frustrating for applicants and investors, this week’s announcements follow the same timeline used with Bitcoin and Ethereum ETFs. Unless the SEC signals something new, the broader expectation remains the same: approval is likely, just not quickly.