XRP, SOL ETFs face SEC delay, but approval hopes remain

The U.S. Securities and Exchange Commission has officially delayed decisions on two additional ETFs, adding them to a growing list of applications now facing extended timelines.

According to separate filings published on Tuesday, June 17, the SEC is initiating formal proceedings to determine whether to approve or deny Franklin Templeton’s proposed XRP (XRP) and Solana (SOL) ETFs.

Typically prompted by the need for a more thorough evaluation of the proposals and related concerns, this move pauses the decision-making process for several weeks to allow for additional public input and internal review.

“The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act13 to determine whether the proposed rule change should be approved or disapproved,” the filings read. ​​”Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved.”

The SEC’s decision adds to a growing trend of delays, coming just a week after it similarly postponed rulings on DOGE (DOGE), AVAX (AVAX), and HBAR (HBAR) ETFs.

While not a rejection, the delay marks a setback for rising market expectations of an imminent approval. But despite the holdup, analysts remain optimistic.

Solana, XRP ETFs still viable despite SEC slowdown

Commenting on the latest filings, ETF analyst James Seyffart emphasized that the SEC’s delay is not unusual. He noted that while the approval timeline remains uncertain, active engagement from the commission is a “very positive” signal. 

Earlier this month, the analyst placed approval odds for both SOL and XRP ETFs at 90% and 85% respectively, citing the SEC’s current view of each asset, existing CFTC oversight of futures, and the strength of the filing institutions.

Both SOL and XRP have dropped roughly 4% over the past 24 hours, likely in response to the regulatory decision. Meanwhile, the first XRP ETF recently launched in Canada following approval from the Ontario Securities Commission (OSC), signaling growing interest and adoption beyond the United States.