Cryptos, Markets

SEC Delays Solana, Litecoin ETFs; Reviews Dogecoin and BlackRock Proposals

May 14, 2025 OnEquity

The U.S. Securities and Exchange Commission (SEC) has delayed its decisions on Grayscale’s proposed Solana and Litecoin exchange-traded funds (ETFs), while opening public comment periods for two high-profile applications: BlackRock’s Bitcoin ETF redemption model and 21Shares’ Dogecoin ETF.

Grayscale Solana and Litecoin ETFs Face Delays

The SEC extended its review of the Grayscale Solana Trust, citing the need for additional time to determine whether the listing satisfies investor protection and market integrity standards. If approved, the fund would hold SOL and be traded on NYSE Arca.

Similarly, the Commission postponed its decision on the Grayscale Litecoin Trust, initiating formal proceedings to assess its compliance with the Securities Exchange Act. Both applications now face extended timelines as the SEC continues its scrutiny.

BlackRock’s Bitcoin Redemption Model Under Review

Meanwhile, BlackRock’s iShares Bitcoin Trust—originally approved in January with a cash-only redemption structure—is now under review following a proposal to allow in-kind redemptions. This change would enable participants to create or redeem ETF shares using Bitcoin directly. The SEC has opened this modification for public comment through Nasdaq’s application.

21Shares Dogecoin ETF Opens for Public Comment

In addition, 21Shares’ Dogecoin ETF has entered its public comment phase. Filed under Nasdaq’s Rule 5711(d), the proposal seeks to list a fund that would track the price of DOGE via the CF Benchmarks index, offering investors traditional brokerage access to Dogecoin exposure.

Evolving SEC Approach to Digital Asset Products

These developments reflect the SEC’s evolving approach to digital asset products under Chairman Paul Atkins. Since the start of President Trump’s administration, the agency has ramped up public engagement and increased scrutiny of crypto-related filings through roundtables and procedural reviews.

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