Securities and Exchange Commission Postpones Crypto ETF judgments; Decision on Truth Social and Grayscale remains pending, affecting a $100 billion Market
The U.S. Securities and Exchange Commission (SEC) has delayed its final decisions on the Truth Social Bitcoin ETF and Grayscale's Solana Trust ETF, with the rulings now expected in late 2025.
The Truth Social Bitcoin ETF, associated with Donald Trump’s media platform, has also filed for additional crypto ETFs, including a dual Bitcoin and Ethereum ETF and a Crypto Blue Chip ETF holding multiple digital assets like Solana, XRP, and Cronos.
The delays in the decisions on Truth Social's Bitcoin ETF and Grayscale's Solana ETF highlight growing political scrutiny and regulatory uncertainty surrounding crypto ETFs. The SEC is currently reviewing a record number of 72 crypto ETF applications.
The primary challenges these ETFs face in gaining SEC approval include the agency's cautious regulatory stance under Chair Paul Atkins, who has paused crypto ETF approvals to review complex issues such as staking mechanisms and in-kind redemptions. The SEC’s delays reflect concerns about the integrity and security of new crypto fund structures, especially those involving altcoins and multi-asset portfolios.
Additionally, Truth Social’s politically linked branding may complicate regulatory scrutiny, as the SEC balances innovation with perceived risks and political sensitivities. Solana's inclusion in ETF proposals has raised questions around proof-of-stake protocols and potential classification as a security.
In the case of Grayscale's Solana Trust ETF, the application seeks to list the Solana Trust under the same Commodity-Based Trust Shares framework. The SEC has postponed its decision until October 10, 2025, marking the third official delay since Grayscale filed the amended proposal on February 4, 2025.
Several other asset managers including VanEck, Bitwise, 21Shares, and Canary Capital have Solana ETF applications awaiting SEC review.
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on Truth Social's Bitcoin ETF until September 18, 2025. Commissioner Hester Peirce acknowledged the delays in a Bloomberg interview in May, citing ongoing litigation and overlapping responsibilities as reasons for the slow pace.
The Truth Social Bitcoin ETF plans to issue shares in blocks of 10,000 through authorized participants, similar to other commodity-based trusts. Custody for the assets in the Truth Social Bitcoin ETF will be handled by Yorkville America Digital.
Meanwhile, BlackRock's Bitcoin ETF is nearing $100 billion in assets under management (AUM), demonstrating growing investor interest in cryptocurrency-based investment products. The SEC approved the Rex-Osprey Solana Staking ETF under the Investment Company Act of 1940 in early 2025, offering indirect exposure to staking rewards.
As the SEC continues its review of crypto ETF applications, the decisions on Truth Social and Grayscale's proposals will provide valuable insights into the regulatory landscape for digital asset investment products in the United States.
[1] CoinDesk. (2025, May 12). SEC Delays Decision on Grayscale's Solana ETF Until October. Retrieved from https://www.coindesk.com/business/2025/05/12/sec-delays-decision-on-grayscales-solana-etf-until-october/
[2] CoinDesk. (2025, May 12). SEC Delays Decision on Truth Social Bitcoin ETF Until September. Retrieved from https://www.coindesk.com/business/2025/05/12/sec-delays-decision-on-truth-social-bitcoin-etf-until-september/
[3] The Block. (2025, April 29). Truth Social Files for Bitcoin and Ethereum ETFs, Crypto Blue Chip ETF. Retrieved from https://www.theblockcrypto.com/linked/118553/truth-social-files-for-bitcoin-and-ethereum-etfs-crypto-blue-chip-etf
[4] The Block. (2025, February 4). Grayscale Files for Solana Trust ETF, Awaits SEC Approval. Retrieved from https://www.theblockcrypto.com/linked/115641/grayscale-files-for-solana-trust-etf-awaits-sec-approval
- The SEC has delayed its decision on Truth Social's Bitcoin ETF until September 18, 2025.
- The delays in the decisions on Truth Social's Bitcoin ETF and Grayscale's Solana ETF highlight growing political scrutiny and regulatory uncertainty surrounding crypto ETFs.
- The Truth Social Bitcoin ETF plans to issue shares in blocks of 10,000 through authorized participants, similar to other commodity-based trusts.
- Custody for the assets in the Truth Social Bitcoin ETF will be handled by Yorkville America Digital.
- Solana's inclusion in ETF proposals has raised questions around proof-of-stake protocols and potential classification as a security.
- The SEC is currently reviewing a record number of 72 crypto ETF applications, including Truth Social's Bitcoin ETF and Grayscale's Solana Trust ETF.
- As the SEC continues its review of crypto ETF applications, the decisions on Truth Social and Grayscale's proposals will provide valuable insights into the regulatory landscape for digital asset investment products in the United States.
