SEC Delays Canary, Solana, Dogecoin, XRP Spot ETF Approvals

The recent developments in the spot ETF category came as the Securities and Exchange Commission of the United States has delayed the approval of ETFs of Solana, XRP, Dogecoin, and Litecoin. However, experts remain inclined to approve these products by the end of 2025.

Several notices by the SEC have stirred the market with mixed claims; it is worth noting that the commission has delayed its approval of VanEck, 21Shares, and Canary Solana ETFs.

SEC delays sparked a decline in the trading price of Litecoin, Sol, and Doge

The SEC has also delayed the XRP and Litecoin ETF filed by Canary; the delay has sparked debate, with some claiming that the companies involved in filing might have failed to meet the expectations of the regulatory commission.

However, the commission has not mentioned this point of rejection; the floating claims in the market ultimately lead to the sudden fluctuation in the trading price of known cryptos.

An expert and analyst at Bloomberg termed this delay a standard procedure and argued that the approval odds remain high

In an X post dated March 12, 2025, James Seyffart notes, “ Yes, the SEC just punted on many altcoin ETF filings including Litecoin, Solana, XRP & DOGE. It’s expected, as this is standard procedure & Atkins hasn’t even been confirmed yet. This doesn’t change our (relatively high) odds of approval. Also note that the final deadlines aren’t until October for these.”

Despite the delays from the exchange commission, the prices of Litecoin, Dogecoin, XRP, and Solana remain in green, yet all of them are down in weekly and monthly trading frames.

Do odds favor the approval of Doge, Sol & XRP spot ETFs?

The polls over Polymarket favor the approval of all buzzing spot ETFs, with Solana ETF having an 85% chance, Doge having a 65% chance, and the ETF having a 78% chance for approval.

Not only Litecoin, Doge, and Solana, but the polls over the approval of Cardano have a 70% chance; the trading volume of the poll over ADA spot ETF approval has a volume of $205k in volume.

However, the chances of Pepe spot ETF are pretty low at 6%, with the poll having $50,411 in volume; there are claims there are fewer chances of Pepe spot ETF getting approval.

Are crypto spot ETFs contributing to the broader market?

With the approval of the Bitcoin spot ETF in 2024, a sudden shift in the volume of cryptocurrencies, and the market capitalization of a few crypto, BTC solely added 19% to its market capitalization of the successful launch of its spot ETFs.

With massive popularity in 2024, Bitcoin and Ethereum spot ETFs remain steady and in losses since the beginning of this year; an outflow of over $1 billion was reported in BTC spot ETFs, and Ether spot ETFs have lost over $700 million.

GrayScale has continued to lose its dominance over the ETF products, recently mirroring an outflow of millions of dollars