The U.S. Securities and Exchange Commission (SEC) announced a delay in reviewing CoinShares’ proposed XRP ETF and Litecoin ETF. This decision came just days before the May 26 deadline.
The XRP ETF proposal seeks to list a fund that holds XRP and cash to track the token’s market price. The SEC extended its review period and requested public feedback to assess compliance with the Exchange Act.
Similarly, the SEC delayed its decision on CoinShares’ application to list the Litecoin ETF on the Nasdaq exchange. The fund is designed to track the price of Litecoin, but the SEC has not yet made a decision to approve or reject the proposal.
These delays align with previous actions taken by the SEC, which has also postponed decisions on multiple other cryptocurrency ETFs, including those tied to Solana and Dogecoin.
TRX Staking ETF Filing Acknowledged by SEC
While XRP ETF and Litecoin ETF applications face delays, the SEC acknowledged a new filing for a TRX staking ETF by Canary Capital. This proposal would be the first to offer exposure to staked TRX in an ETF format.
The SEC’s acknowledgment begins a formal review but does not mean approval. This step allows the proposal to enter the regulatory process and signals the agency’s willingness to consider staking-based ETFs.
TRX staking ETF would include TRON tokens used for staking, a process where tokens help secure the network and generate rewards. This marks a new development in crypto ETF proposals, expanding beyond basic token tracking.
Canary Capital’s filing introduces a staking component not previously seen in other ETF applications under review. This formal step moves the fund into the same regulatory process as more conventional ETF proposals.
ETF Analyst Comments on SEC Delay Pattern
ETF analyst James Seyffart shared a post on X confirming the updates. He stated:
“As expected, more delays on crypto ETFs dropped today. Delays include BitwiseInvest & CoinSharesCo XRP ETFs. Delay on Litecoin ETF Filing. Delay on Fidelity’s In-kind Bitcoin filing. On the more positive side: SEC acknowledged @CanaryFunds’s staked TRX filing.”
The SEC has not issued approvals or rejections for these filings. Seyffart noted that the pattern of delays covers multiple applications, including those from Bitwise and Fidelity.
These delays follow similar announcements affecting the 21Shares XRP ETF and Grayscale Dogecoin ETF. In addition, five Solana ETF proposals are still waiting for review outcomes. The SEC’s actions suggest continued scrutiny of all crypto ETF applications, including the TRX staking ETF.
