TLDR:
- SEC has delayed decisions on spot XRP and Dogecoin ETFs until mid-June 2025
- The delays affect the Bitwise Dogecoin ETF (June 15) and Franklin XRP Fund (June 17)
- Multiple firms are seeking crypto ETF approvals amid a more friendly regulatory environment under the Trump administration
- Analysts expected these delays, with final deadlines likely in October 2025 or later
- Several other altcoin ETF decisions were also postponed, including those for Solana and HBAR
The U.S. Securities and Exchange Commission (SEC) has delayed its decisions on whether to approve exchange-traded funds (ETFs) tracking XRP and Dogecoin cryptocurrencies.
According to filings published Tuesday on the SEC’s website, the agency will wait until June 15 for the Bitwise Dogecoin ETF and June 17 for the Franklin XRP Fund before determining next steps.
The SEC stated in the filings that it “finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.” Under current law, the Commission has a 45-day window from when a proposed rule change is announced to approve, reject, or begin a process to decide on rejection.
This time frame can be extended up to 90 days if the Commission deems more time necessary for proper review. The delays align with expectations from market analysts, including Bloomberg Intelligence ETF analyst James Seyffart, who noted on social media platform X that final deadlines for most of these filings aren’t expected until October 2025 or even later.
We also had the SEC delay decisions on Ethereum Staking and Dogecoin ETFs today. I am expecting more delays today or at least this week on some Solana and Hedera/HBAR ETF filings. This is expected IMO. Final deadlines for most of this stuff is in October 2025 or later. https://t.co/kOZNCSjy6c
— James Seyffart (@JSeyff) April 29, 2025
Growing Interest in Crypto ETFs
The crypto ETF landscape has expanded rapidly in recent months. Since President Donald Trump took office in January 2025, there has been a shift toward more crypto-friendly regulation at the SEC. The agency has dropped several lawsuits against crypto firms and has held public roundtables to discuss industry regulation.
Paul Atkins, the new SEC chair, is considered supportive of cryptocurrency innovation. During his first public remarks last week, Atkins expressed his belief in the “huge benefits” of digital assets and his intention to work with lawmakers to create a suitable regulatory framework for the industry.
This represents a change from the previous administration, under which the SEC approved spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July 2024 following a court ruling in a case brought by Grayscale. Now, the agency is reviewing dozens of proposals for ETFs tracking various cryptocurrencies, including Solana, XRP, and Dogecoin.
On the same day as the XRP and Dogecoin ETF delays, Nasdaq submitted a proposal to list 21Shares’ Dogecoin ETF. The SEC also extended deadlines for deciding whether to allow staking for Franklin’s Ethereum ETF to June 16 and delayed decisions on the Grayscale Hedera Trust and Franklin Crypto Index ETF.
Market Impact and Future Outlook
Despite the delays, prices for XRP and Dogecoin remained stable, showing little change in the 24 hours following the announcement. This price stability occurred alongside flat Bitcoin performance in the market.
Asset managers appear optimistic about the prospects for altcoin ETFs following the success of Bitcoin ETFs approved last year. Firms including Bitwise, Franklin Templeton, Grayscale, 21Shares, CoinShares, and Canary Capital have filed paperwork to get new crypto ETFs approved for assets such as Solana, Litecoin, and Cardano.
However, market success for these potential products remains uncertain. While Bitcoin ETFs have seen strong trading volumes, Ethereum ETFs approved last year have not experienced the same level of investor interest despite Ethereum being the second-largest cryptocurrency by market capitalization.
Dogecoin currently ranks as the eighth-largest cryptocurrency by market cap, while XRP holds the fourth position. Both are among the top 10 most traded cryptocurrencies over a 24-hour period, suggesting potential market interest should their ETFs eventually gain approval.
The SEC’s decision to delay rather than reject these applications could be seen as a positive sign for the eventual approval of these products, though multiple review cycles are common for new investment vehicles in the cryptocurrency space.
