- SEC delays decisions on XRP and Dogecoin ETFs while reviewing compliance with investor protection rules.
- Market stays steady as the SEC takes more time to analyze altcoin ETF filings and gather public feedback.
- More crypto ETF deadlines approach in June as the SEC continues to evaluate each proposal separately.
The U.S. Securities and Exchange Commission has extended its review of spot XRP and Dogecoin ETF applications. These filings, submitted by 21Shares and Grayscale, are now facing longer evaluation periods. The SEC cited the need for additional analysis to ensure compliance with investor protection rules.
Regulatory Clock Extended for XRP, Dogecoin Proposals
21Shares applied in February to list a spot XRP ETF through the Cboe BZX Exchange. The aim was to allow institutions easier access to XRP. In March, Grayscale followed with a similar proposal for a Dogecoin ETF after launching its DOGE Trust. Both filings are under review to meet standards under Section 6(b)(5) of the Exchange Act.
The SEC plans to reach a decision on the XRP ETF by June 17. A similar timeline is expected for the Dogecoin ETF. These delays reflect the SEC’s ongoing cautious approach to altcoin ETF proposals.
SEC Seeks Public Feedback, Proceeds with Formal Analysis
The regulator also initiated a public comment process for these proposals. This process allows the SEC to gather further input before making final decisions. While delays are common, they create uncertainty across the altcoin ETF space. Analysts say these decisions are unlikely to come before the third quarter.
Earlier this week, the SEC also postponed decisions on other crypto-related ETFs. This includes Bitwise’s Ether staking proposal and a Solana tracking fund. These actions show the agency is applying a consistent strategy across all crypto filings.
New Leadership, Shifting Outlook for Crypto ETFs
The recent appointment of Paul Atkins as SEC Chair has changed expectations. Industry participants believe his leadership may lead to a more favorable view of crypto assets. His term follows the resignation of former Chair Gary Gensler in January, who led an aggressive crackdown on the crypto sector.
Since Atkins took over, several enforcement cases have been dropped. Crypto firms like Gemini and Cumberland DRW saw regulatory relief earlier this year. Many believe this signals a softer stance from the commission.
More Altcoin ETF Deadlines Loom in June
Other ETF applications are also approaching deadlines. The SEC is expected to decide on Grayscale’s Polkadot ETF by June 11. It must also respond to 21Shares’ Polkadot application by June 24.
Market observers expect similar delays across all filings. Litecoin and other altcoins may see decisions pushed to later dates. Final rulings on most applications may not arrive before October. Despite the regulatory slowdown, market prices remain steady. XRP is trading around $2.34, while Dogecoin hovers near $0.2268.
