TLDR
SEC has delayed decisions on spot XRP and Dogecoin ETFs until mid-June 2025
Bitwise DOGE ETF decision moved to June 15, Franklin XRP Fund to June 17
Multiple firms are filing for various crypto ETFs amid a more crypto-friendly regulatory environment
New SEC Chair Paul Atkins is considered favorable to crypto development
Final deadlines for most crypto ETF filings are expected in October 2025 or later
The Securities and Exchange Commission (SEC) has postponed its decisions on whether to approve exchange-traded funds (ETFs) tracking XRP and Dogecoin, setting new deadlines for mid-June 2025. The delays, announced in filings made on Tuesday, push the next decision steps for the Bitwise Dogecoin ETF to June 15 and the Franklin XRP Fund to June 17.
According to the SEC filings, the Commission needs more time “to consider the proposed rule change and the issues raised therein.” Under current regulations, the SEC has 45 days from when a proposed rule change is announced to either approve, reject, or begin a process to determine if it should be rejected. These 45-day periods can be extended up to 90 days if the Commission requires additional time for review.
The delays align with expert expectations. Bloomberg Intelligence analyst James Seyffart noted on social media that such postponements are expected since most ETF filings have final deadlines set for October 2025 or even later.
We also had the SEC delay decisions on Ethereum Staking and Dogecoin ETFs today. I am expecting more delays today or at least this week on some Solana and Hedera/HBAR ETF filings. This is expected IMO. Final deadlines for most of this stuff is in October 2025 or later. https://t.co/kOZNCSjy6c
— James Seyffart (@JSeyff) April 29, 2025
These delays come amid a wave of crypto ETF applications following the successful launch of Bitcoin ETFs in January 2024 and Ethereum ETFs in July of the same year. Many asset managers are now pursuing approval for funds based on other cryptocurrencies, including Solana, Litecoin, and Cardano.
Shifting Regulatory Landscape
The current regulatory climate appears more favorable to crypto developments than in previous years. Since President Donald Trump took office in January 2025, the SEC has dropped several lawsuits against crypto firms and has organized public roundtables to discuss regulatory approaches for the industry.
Paul Atkins, the new SEC Chair, is widely viewed as crypto-friendly. During his first public remarks last week, Atkins expressed optimism about digital assets, stating he anticipates “huge benefits” from them and plans to collaborate with lawmakers to create a comprehensive regulatory framework.
This marks a clear shift from the previous administration’s approach. The SEC under the Biden administration had approved spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July 2024, but only after facing pressure from court rulings, particularly one resulting from Grayscale’s legal challenge.
The SEC’s delay also affected decisions on other crypto-related proposals. The agency postponed its deadline for deciding whether to allow staking for Franklin’s Ethereum ETF to June 16. It also delayed decisions on whether to permit trading and listing for the Grayscale Hedera Trust and whether to allow staking for the Franklin Crypto Index ETF.
Market Context
Dogecoin and XRP rank among the most popular cryptocurrencies by market capitalization and trading volume. DOGE currently stands as the eighth-largest cryptocurrency, while XRP holds the fourth position.
Despite their popularity, it remains uncertain whether ETFs for these assets will achieve the same level of success as Bitcoin ETFs. Ethereum ETFs, approved in 2024, have not generated the same trading volume as their Bitcoin counterparts, despite Ethereum being the second-largest cryptocurrency.
On the same day as the delay announcements, Nasdaq submitted a proposal to list 21Shares’ Dogecoin ETF, showing continued interest from exchanges and asset managers in expanding the crypto ETF ecosystem.
As the SEC continues its review process, the crypto industry watches closely for signals about the regulatory path forward under the new administration.
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