SEC Unexpectedly Postpones Decisions on Trump Bitcoin ETF and Grayscale’s Solana Fund

The U.S. Securities and Exchange Commission (SEC) has extended its review period for two prominent cryptocurrency exchange-traded fund (ETF) applications, reflecting a continued cautious stance even as the agency signals more openness to digital assets.

In separate filings on Monday, the SEC announced delays for both the Truth Social Bitcoin ETF, backed by firms with ties to former President Donald Trump, and Grayscale’s application to convert its Solana Trust into an ETF. The revised deadlines are September 18 for the Truth Social fund and October 10 for the Grayscale Solana product.

The extensions, while not unexpected, have drawn fresh attention to the SEC’s approach to crypto-based financial products. “The Commission finds it appropriate to designate a longer period... so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the filings stated.

ETF Delays Continue Despite Regulatory Shift

Under U.S. securities law, the SEC can take up to 180 days to evaluate rule changes associated with new financial products. These latest delays follow a string of similar deferrals, including for multi-asset funds and in-kind redemption models for existing spot Bitcoin and Ethereum ETFs.

While the agency has recently softened its tone on crypto, particularly following leadership changes earlier this year, industry watchers say internal tensions remain. Notably, the SEC recently blocked a staff-level recommendation to approve a Bitwise multi-crypto index fund, a move that surprised market observers and highlighted divisions within the Commission.

Grayscale first submitted its proposal to convert the Solana Trust in February, while the Truth Social Bitcoin ETF, named after Trump’s media platform, entered the public comment phase in June.

Both filings come amid a flurry of crypto ETF activity, with pending applications for funds tied to assets like XRP, Solana, and Dogecoin, many of which are awaiting final decisions from the SEC. Industry analysts believe market enthusiasm is being tempered by regulatory uncertainty.

Institutional Interest Grows Despite Delays

Despite the postponements, institutional interest in crypto ETFs remains strong. Financial giants continue to push for new products, with some, like BlackRock and Fidelity, already offering spot crypto ETFs that have seen record inflows in 2025.

The SEC’s actions this week are unlikely to derail the long-term trajectory of crypto ETFs, analysts say, but they do reinforce the regulator’s commitment to scrutinizing each product individually, particularly those involving newer or more volatile tokens like Solana.