The U.S. Securities and Exchange Commission (SEC) has once again pushed back its decision on spot cryptocurrency ETFs. This time, it’s the Franklin Templeton XRP ETF that’s been delayed, with a new review date set for June 17, 2025. Similarly, the Bitwise Dogecoin ETF is now expected to be reviewed by June 15.
🔹 Why the delay?
In an official statement, the SEC said it requires more time for proper evaluation. In the case of the XRP ETF, the regulator used its right to extend the review period by 45 days — a common procedure under federal law. In total, the process can stretch to 240 days from the initial Federal Register filing, which could test the patience of eager crypto investors.
XRP ETF: Key Milestones and Current Status
Franklin Templeton’s application was originally submitted on March 13, 2025, and officially published on March 19. If approved, the ETF would track the spot price of XRP, with Coinbase Custody managing the assets and trading set to occur on the Cboe BZX exchange. The fund’s net asset value would be based on the CME CF XRP-USD reference rate.
According to journalist Eleanor Terrett, who spoke with ETF analyst James Seyffart, the June date is likely just a “midpoint.” Seyffart estimates that a final decision on the XRP ETF could come by mid-October, with October 18, 2025 looking like the absolute deadline.
SEC Is Cautious — Not Just with XRP but Also with DOGE and Other Altcoins
The delay isn’t exclusive to the XRP ETF. The SEC is currently reviewing over 70 altcoin ETF proposals, including those related to Solana, Litecoin, Hedera, and Dogecoin. Applicants include big names like Grayscale, WisdomTree, CoinShares, 21Shares, ProShares, and more. None of them have received approval yet.
As for the Bitwise Dogecoin ETF, the decision has been postponed to June 15, 2025.
Market Reactions: Uncertainty, Frustration — and a Bit of Optimism
While some investors are frustrated by the lack of progress, others view the delays as a routine part of the regulatory process, not necessarily a sign of rejection. The SEC has historically been highly cautious with crypto-related ETFs — as seen with Bitcoin and Ethereum spot ETFs, which took years to be approved.
However, this time the situation is different: The SEC is now led by Paul Atkins, who is expected to bring a faster and more favorable stance toward crypto compared to his predecessor Gary Gensler.
What’s Next?
According to analysts, the XRP ETF is considered one of the most likely to be approved, and despite the delays, its approval is often seen as inevitable. The same can’t yet be said for DOGE or other altcoin ETFs, which still face regulatory uncertainty and extended reviews.
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