The U.S. Securities and Exchange Commission (SEC) has recently delayed the approval decisions for several cryptocurrency spot ETFs, including Franklin Templeton's XRP spot ETF and Grayscale's Hedera (HBAR) spot ETF, pushing the final decision dates to June 17, 2025, and June 15, 2025, respectively. Additionally, the SEC has delayed the approval for the Dogecoin spot ETF, reflecting the regulator's cautious stance towards non-Bitcoin and Ethereum-like crypto assets.

This delay aligns with the SEC's consistent practice of extending decision times during the review period to assess market risks and compliance. Analysts believe that although the SEC's stance towards the crypto industry has softened under the Trump administration, the approval of spot ETFs remains constrained by core issues such as market manipulation and asset classification. The market may face short-term pressure, but in the long run, as the regulatory framework becomes clearer, more crypto ETFs may still be approved.