The US Securities and Exchange Commission (SEC) has postponed its decision on the Grayscale Spot Solana and Litecoin ETFs

The agency said more time is needed to assess whether these filings meet the necessary standards for investor protection and market transparency.

The U.S. Securities and Exchange Commission (SEC) has postponed its ruling on Grayscale's applications to convert its existing trusts into exchange-traded funds (ETFs) focused on Solana (SOL) and Litecoin (LTC) despite an earlier report from Bloomberg that the agency might approve the proposals by July 6.

The SEC stated that more time is needed to assess whether these filings meet the necessary standards for investor protection and market transparency. This delay affects Grayscale's efforts to list spot cryptocurrency ETFs that would be traded on the NYSE Arca exchange.

At the same time, the SEC opened public comment periods for other crypto-related proposals, including BlackRock's Bitcoin ETF and a proposal to create an "early closing" provision for futures and options on single stocks.

The SEC also extended the review period for the proposed rule change submitted by NYSE Arca, Inc., to list and trade shares of the Grayscale Solana Trust. The agency is evaluating whether the fund complies with the Securities Exchange Act of 1934. If approved, the ETF would allow public trading of Solana-backed shares through traditional investment accounts.

The same decision was made regarding the Grayscale Litecoin Trust. The SEC said it needs additional time to determine if the Litecoin ETF filing meets the required legal and market conditions. Grayscale's filings will now follow an extended timeline, which can include several stages before a final decision is reached.

According to the official filing, the commission has begun “proceedings to determine whether the proposed rule change should be approved or disapproved.” This language is standard for when the agency seeks further information or public input on complex filings.

News data source: kdj.com

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