TLDR
- SEC has delayed decisions on spot XRP and Dogecoin ETF approvals until mid-June 2025
- New deadlines are June 15 for Bitwise DOGE ETF and June 17 for Franklin XRP Fund
- Commission can extend initial 45-day review periods to 90 days when needed
- Analyst James Seyffart expected these delays, noting final deadlines are October 2025 or later
- The delays come amid a generally more crypto-friendly regulatory shift at the SEC under new leadership
The U.S. Securities and Exchange Commission (SEC) has delayed making decisions on whether to allow the listing and trading of exchange-traded funds (ETFs) tracking XRP and Dogecoin. According to filings made public on Tuesday, the agency will wait until June 15 to decide next steps for the Bitwise Dogecoin ETF and until June 17 for the Franklin XRP Fund.
🚨NEW: The @SECGov has delayed making a decision on Franklin Templeton’s $XRP spot ETF until June 17.https://t.co/3EeRWBzBmg pic.twitter.com/BYfZJw5qWl
— Eleanor Terrett (@EleanorTerrett) April 29, 2025
In the filings, the SEC stated 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.”
These delays align with standard SEC procedures. Under current regulations, the Commission has 45 days from when a proposed rule change is announced to approve it, reject it, or begin a process to decide if it should be rejected.
The SEC can extend this initial period to 90 days when it determines more time is needed for review. This extension gives the agency more time to evaluate the proposals thoroughly.
Bloomberg Intelligence analyst James Seyffart commented on the delays, noting they were expected. Seyffart pointed out that final deadlines for most of these ETF filings are set for October 2025 or later.
Changing Regulatory Landscape
The delays come during what appears to be a shifting regulatory environment for cryptocurrency. Multiple financial firms have submitted applications for various crypto ETFs in recent months, responding to what some see as a more welcoming approach from the SEC toward digital assets.
Since President Donald Trump took office in January 2025, the SEC has dropped several lawsuits against crypto firms. The agency has also held public roundtables focused on discussing how to regulate the cryptocurrency industry.
The SEC has a new chairman, Paul Atkins, who is viewed as having a positive stance toward cryptocurrency. During his first public remarks last week, Atkins expressed that he anticipates “huge benefits” from digital assets and plans to work with lawmakers to create a regulatory framework for crypto.
This marks a change from the previous administration. Under the Biden administration, the SEC approved the listing of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July of the same year, 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.
Also on Tuesday, Nasdaq submitted a proposal to list 21Shares’ Dogecoin ETF. The SEC also pushed back its deadline for deciding whether to allow staking for Franklin’s Ethereum ETF to June 16.
The agency further delayed deadlines regarding whether to allow trading and listing for the Grayscale Hedera Trust and whether to permit staking for the Franklin Crypto Index ETF.
Despite the delays, the price action for both XRP and DOGE has remained stable, with little change in the past 24 hours. This stability mirrors the flat bitcoin price action during the same period.
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