The U.S. Securities and Exchange Commission (SEC) has decided to temporarily delay the approval of two proposed cryptocurrency ETFs, including Dogecoin and XRP, according to the latest documents.
The regulatory body has announced a delay in the decision deadline regarding the listing of these ETFs until June.
These documents are responses to requests from March by the NYSE Arca and Cboe BZX Exchange in the United States to list Bitwise's Dogecoin ETF and Franklin Templeton's XRP ETF.
Notably, on the same day, the Nasdaq – another U.S. exchange – also submitted a request to be allowed to list the Dogecoin ETF from 21Shares.
Dogecoin is currently the most traded memecoin globally, with a market capitalization of about $26 billion as of April 29, according to data from CoinGecko. XRP, the native token of the XRP Ledger blockchain network, has a market capitalization of approximately $133 billion, based on data from CoinGecko.
Large number of registration filings
In 2025, the SEC received a flurry of licensing requests for dozens of altcoin ETFs to be listed in the United States. As of April 21, there are approximately 70 cryptocurrency ETFs awaiting SEC review.
Asset managers are proposing funds that hold various cryptocurrencies, from XRP, Litecoin, Solana, to Penguins, Doge, and 2x Melania, according to Bloomberg analyst Eric Balchunas in a post on April 21 on platform X.
This massive proposal comes amid U.S. President Donald Trump's push for the SEC to adopt a friendlier attitude towards cryptocurrencies.
However, analysts warn that investor demand for altcoin ETFs may not be as vibrant as for funds holding major cryptocurrencies like Bitcoin and Ether.
"Getting your coin ETF'd is like being in a band and having your song added to all streaming music services," Balchunas remarked.
"While there is no guarantee someone will listen, it brings your music to where the majority of listeners are."
While U.S. exchanges are actively embracing cryptocurrency ETFs, they are also urging the SEC to impose strict regulations on digital assets. In a comment letter on April 25, Nasdaq recommended that the SEC apply compliance standards similar to those for securities to digital assets if they are considered 'stocks under any other name.'
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