Dogecoin and Ripple ETF have been paused by the SEC again. Is the 'ascension dream' of altcoins too difficult?
The SEC has intervened again, delaying the approval of the spot ETFs for Dogecoin (DOGE) and Ripple (XRP) applied for by Bitwise and Franklin until June of this year.
Meanwhile, 21Shares has also applied for a Dogecoin ETF to be listed on Nasdaq, but it has also been put on 'hold'.
In terms of market capitalization, these two are not small:
DOGE ≈ $26 billion, XRP ≈ $130 billion, they are top altcoins in the crypto space, but this has not made it easier for them to get approved.
The reality is that
the SEC has received over 70 applications for altcoin ETFs this year, but most traditional investors are still focused on Bitcoin.
After all, Bitcoin is 'digital gold', it has recognition, hedging properties, and a clear logic; while altcoins have popularity and narratives, but 'lack consensus'.
