What Does the SEC's Delay in XRP, DOGE, SOL, LTC Spot ETFs Mean? Has the Approval Chance Decreased? Bloomberg Analysts Spoke

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on a spot exchange-traded fund (ETF) for many altcoins, delaying the approval process for numerous top-level applications.

Among the affected applications are VanEck Spot Solana ETF, Canary Spot Litecoin ETF, Canary Spot Solana ETF, Canary Spot XRP ETF, Grayscale Spot XRP ETF, Grayscale Litecoin ETF, and Grayscale Spot Dogecoin ETF.

Bloomberg ETF analysts Eric Balchunas and James Seyffart evaluated the delay, stating that considering the SEC's standard review procedures, the delay is expected. Seyffart noted that the delay does not necessarily reduce the probability of approval. He said the following:

"Yes, the SEC has delayed a number of altcoin ETF applications, including Litecoin, Solana, XRP, and DOGE. This is an expected procedure, and Atkins has not even taken office yet. This situation does not relatively change our approval chances of (. Also, note that the final deadlines for these are not until October.

Balchunas also reminded that the decisions to bring in-kind redemptions to the currently trading Bitcoin and Ethereum spot ETFs have been postponed by the SEC, stating "everything is being postponed."