It seems there have been more delays in the approval of alternative cryptocurrency ETFs by the U.S. Securities and Exchange Commission (SEC). Here’s a summary of the situation:
Key points:
* Delay of several alternative cryptocurrency ETFs: The SEC has delayed decisions on several spot ETFs for alternative cryptocurrencies, including:
* XRP
* Dogecoin (DOGE)
* Solana (SOL)
* Hedera (HBAR)
* Litecoin (LTC)
* Polkadot (DOT)
* New deadlines:
* The decision on the Franklin Templeton spot fund for XRP has been delayed until June 17, 2025.
* The decision on the Bitwise Dogecoin fund has been delayed until June 15, 2025.
* Expected: Bloomberg ETF analyst James Seyfart noted that these delays were "expected" as most of these applications have final deadlines in October 2025 or later.
* Procedural: Analysts believe these delays are standard procedures by the SEC and do not necessarily indicate that the ETFs will ultimately be rejected. The SEC often extends the review period to allow more time for assessment and to address regulatory concerns. The SEC can extend reviews for up to 240 days from the initial filing date.
* Remaining optimism: Despite the delays, some analysts remain optimistic that alternative cryptocurrency ETFs will eventually be approved this year.
* Growing interest: There is increasing interest from exchanges to offer alternative cryptocurrency-based investment products, with over 70 proposals for cryptocurrency ETFs currently under review by the SEC. Nasdaq even submitted a request to list the 21Shares Dogecoin ETF.
* Potential impact of the new SEC chair: Some speculate that President Trump's nominee for SEC chair, Paul Atkins, could influence the timeline and likelihood of approval for alternative cryptocurrency ETFs.
In summary, while the wait continues for alternative cryptocurrency ETFs, these delays appear to be part of the SEC's standard review process. The market still hopes for approvals later in 2025.
