SEC Pushes Crypto ETF Choices Once more, $100B Market Waits on Reality Social and Grayscale Rulings

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SEC delays choices on Reality Social’s Bitcoin ETF and Grayscale’s Solana ETF proposals. New deadlines: September 18 for Reality Social Bitcoin ETF and October 10 for Grayscale Solana ETF. The delays spotlight rising political scrutiny and regulatory uncertainty surrounding crypto ETFs. The U.S. Securities and Change Fee (SEC) has as soon as once more prolonged its assessment interval for 2 extremely anticipated cryptocurrency ETFs: one from Reality Social, searching for approval for a spot Bitcoin ETF, and one other from Grayscale, aiming to launch a Solana-based ETF. These delays come amid rising momentum within the crypto ETF house, with merchandise like BlackRock’s Bitcoin ETF nearing $100 billion in belongings below administration (AUM).

SEC Extends Timeline for Reality Social’s Bitcoin ETF Choice Political Ties and Regulatory Sensitivities On July 28, 2025, the SEC issued an official submitting asserting it should delay its ruling on the Reality Social Bitcoin ETF till September 18 , pushing the choice 45 days previous the unique deadline of August 4. The proposal, filed by NYSE Arca on June 3 in collaboration with Trump Media & Know-how Group (TMTG), goals to checklist the fund below the company’s commodity-based belief framework.

That is no strange ETF. If authorized, it might be the first crypto exchange-traded fund instantly tied to a sitting U.S. president’s enterprise pursuits . The political implications are important: Donald Trump is almost all stakeholder in TMTG, and whereas the fund itself hasn’t triggered formal objections from the SEC, Democrats have publicly raised issues about potential conflicts of curiosity.

In Might 2025, Senators Elizabeth Warren and Jeff Merkley despatched a letter to the Workplace of Authorities Ethics questioning a number of Trump-linked crypto offers, together with one involving World Liberty Monetary, Binance, and a UAE agency. They described it as a “staggering battle of curiosity” and urged tighter scrutiny over any crypto merchandise with political affiliations.

Learn Extra: Trump-Backed Reality Social Recordsdata to Launch Crypto ETF Holding $1B in BTC, ETH, and Extra

A Broader Push into Crypto by Trump Media The Reality Social Bitcoin ETF is just one piece of TMTG’s digital asset technique. The corporate has additionally filed for:

A Reality Social Bitcoin and Ethereum ETF , splitting 75% BTC and 25% ETH. A Crypto Blue Chip ETF , that includes Bitcoin (70%), Ethereum (15%), Solana (8%), Cronos (5%), and XRP (2%). Whereas the ETF wouldn't register as an funding firm, it plans to concern shares in blocks of 10,000 by licensed individuals, much like different commodity-based trusts. Custody for the belongings shall be dealt with by Yorkville America Digital , a key accomplice within the submitting.

Grayscale’s Solana ETF Choice Delayed Once more, Now Due in October SEC Desires Extra Time to Consider Dangers Additionally on July 28, the SEC postponed its choice on Grayscale’s Solana Belief ETF utility till October 10 , including one other 60 days to an already extended assessment. This marks the third official delay since Grayscale filed the amended proposal on February 4, 2025 , with NYSE Arca. Underneath the usual SEC assessment course of, the Fee has as much as 240 days from the preliminary publication date to make a ultimate choice.

Grayscale’s utility seeks to checklist the Solana Belief below the identical Commodity-Based mostly Belief Shares framework. The SEC justified the extension by stating it wanted “adequate time to think about the proposed rule change and the problems raised therein.” These “points” doubtless contain the fund’s remedy of staking mechanisms and in-kind redemptions , which stay below intense regulatory scrutiny.

Learn Extra: SEC Pushes Again Choice on Grayscale’s Avalanche and Cardano ETFs

Solana ETFs in Regulatory Limbo Grayscale is just not alone. A number of different asset managers together with VanEck, Bitwise, 21Shares, and Canary Capital—have Solana ETF purposes awaiting SEC assessment. Solana’s inclusion in ETF proposals has raised questions round proof-of-stake protocols , staking reward constructions , and potential classification as a safety, significantly after the SEC’s earlier lawsuits towards Coinbase and Binance listed SOL as an unregistered safety.

Nonetheless, Solana’s attraction in institutional finance is rising. In early 2025, the SEC authorized the Rex-Osprey Solana Staking ETF below the Funding Firm Act of 1940, providing oblique publicity to staking rewards. Nonetheless, that approval doesn't assure the inexperienced mild for commodity-trust-based Solana ETFs like Grayscale’s.

Rising ETF Market, Slower SEC 72 Crypto ETF Purposes and Counting In keeping with knowledge from Bloomberg ETF analyst Eric Balchunas, the SEC is presently reviewing 72 crypto ETF purposes , a report quantity because the market’s inception. Most of those have been filed after the SEC authorized 12 spot Bitcoin ETFs in January 2024, lastly breaking a decade-long resistance.

Since that landmark choice:

BlackRock’s iShares Bitcoin Belief (IBIT) has approached $100 billion in AUM. Ethereum ETFs have acquired regulatory approval, although none have surpassed $10B AUM but. New filings involving altcoins like Solana, Litecoin, and even meme tokens like Dogecoin are flooding in. However regardless of rising demand, the SEC continues to maneuver slowly, particularly for funds involving belongings that aren't but totally clarified below U.S. securities legislation. Commissioner Hester Peirce , recognized within the trade as “Crypto Mother,” acknowledged the delays in a Bloomberg interview in Might:

“Folks need to be affected person… We've ongoing litigation and overlapping tasks that gradual us down.”

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