In late April 2025, the U.S. Securities and Exchange Commission (SEC) announced a postponement of its decisions regarding several exchange-traded funds (ETFs) linked to alternative cryptocurrencies (Altcoins), including XRP, Dogecoin, Solana, and Hedera. The review has been extended until June 17, 2025, with the possibility of final decisions by October.
Details of the Delay
• XRP ETF: Franklin Templeton has filed an application to launch an investment fund linked to XRP through the Cboe BZX exchange. A decision was originally scheduled for May 3, but the deadline has been extended to June 17, 2025.
• Dogecoin ETF: Bitwise has filed an application to launch an investment fund linked to Dogecoin through the NYSE Arca exchange, and the decision has also been postponed to June.
• Solana, Hedera, and Ethereum (with Staking options): Decisions on other investment funds submitted by Franklin Templeton, Grayscale, and Fidelity have been postponed, with final decisions expected in October 2025.
Reasons for the Delay
According to analysts, this delay is considered a routine procedural action by the SEC, as it is allowed to extend the review period up to 240 days. This delay is not seen as an indication of rejection of the applications, but rather as part of the regulatory evaluation process.
Future Predictions
With over 70 applications for cryptocurrency-related investment funds currently under review, analysts expect the period between October and November 2025 to be critical. This period may witness a wave of approvals, especially with changes in SEC leadership and increasing pressure from institutional investors.
Market Impact
After the announcement of the delay, the prices of cryptocurrencies such as XRP and Dogecoin experienced a slight decrease of 2-3%, but quickly rebounded, indicating that the market was expecting this delay and was not significantly affected.
Conclusion
The SEC's delays on investment funds related to alternative cryptocurrencies highlight the ongoing regulatory challenges in this space. Nevertheless, these delays are viewed as part of the usual regulatory process and not a rejection of the applications. The coming months are expected to be critical in determining the future of these funds, with significant progress likely in the fourth quarter of 2025.
