The U.S. Securities and Exchange Commission (SEC) recently postponed its decision on several cryptocurrency ETF listing proposals, including those related to XRP, Dogecoin, and Solana. This is part of the SEC's standard review process, allowing the agency to extend the review period up to 240 days from the date the filing is published in the Federal Register.
Specific actions:
• Franklin Templeton’s Spot XRP ETF: The SEC has extended the review deadline to June 17, 2025, instead of the initially expected decision in early May. Franklin Templeton, one of the largest asset managers with over $1.5 trillion, has filed through the Cboe BZX exchange to list this fund.
• Bitwise’s Spot Dogecoin ETF: The SEC has also postponed its decision on Bitwise's Dogecoin ETF until June 15, 2025. Meanwhile, Nasdaq has filed a proposal to list the 21Shares Dogecoin ETF.
• Other ETFs: The SEC has also postponed decisions on other ETFs such as Solana from Franklin Templeton and HBAR from Grayscale, along with proposals related to staking for Franklin and Fidelity's Ethereum funds.
Analysis and context:
Analysts believe this delay is part of the SEC's standard review process and does not necessarily reflect the likelihood of a denial. Previously, Bitcoin and Ethereum ETFs also went through similar delay phases before being approved.
The delay may also be related to a staffing shortage at the SEC, as several key positions have yet to be confirmed by the Senate, making the agency more cautious in major decisions.
Market impact:
After the delay announcement, the price of XRP dropped about 3%, falling below $2.30, while Dogecoin also recorded a slight decline.
Conclusion:
The SEC's postponement of decisions on cryptocurrency ETF funds is part of the standard review process and does not necessarily reflect the likelihood of a denial. Investors should closely monitor further announcements from the SEC, especially the expected decisions in June and October 2025.