The SEC has postponed its decision on Grayscale Investment's Dogecoin ETF application. Numerous altcoins, including Dogecoin (DOGE), Ripple (XRP), and Solana, are waiting for the SEC to decide on more than 70 ETF applications, but the ongoing delays are affecting the sentiment of these underlying digital assets and investors. However, on the other hand, the launched Bitcoin and Ethereum exchange-traded funds (ETFs) are performing well, and market demand remains strong.
Spot XRP and Dogecoin ETF delay
The SEC is intensifying its evaluation of these exchange-traded funds (ETFs), resulting in the delay of approvals for Dogecoin (DOGE) and Ripple (XRP) ETFs. Grayscale submitted its application for a spot Dogecoin ETF in March 2025 after launching its trust product in January 2025. However, even after several months, the SEC has yet to comment on the application, which is still under review.
Although the delays have fatigued investors, this is an important step to ensure compliance with Section 6(b)(5) of the Exchange Act. For the same reason, the launch of the Bitcoin ETF also took some time, but ultimately yielded fruitful results, witnessing billions of dollars in capital inflow and driving up the price of Bitcoin.
Currently, the next decision date is in June, when a positive response may lead to approval.
SEC documents state: 'The Commission is initiating procedures for further analysis to determine whether the ETF complies with the rules aimed at preventing fraud and manipulation and protecting investors.'
When will the SEC approve the Dogecoin ETF?
Although the SEC has postponed its decision to June, that does not mean they will approve it at that time. The SEC's documents clearly state this and explain that the delay is for further analysis.
Polymarket predicts that the probability of DOGE ETF approval before the end of July is only 15%, having decreased by 7% in the past 24 hours. However, the probability of approval in 2025 is as high as 63%, indicating greater investor confidence in the second half of 2025.
Additionally, Bloomberg analysts have made similar predictions. James Seyffart recently claimed in an X post that there is no conspiracy behind these delays; it is simply the standard process of the U.S. Securities and Exchange Commission (SEC).
He revealed that the SEC's response to the 19b-4 application takes time, and the deadlines for all these exchange-traded fund applications are in October, unrelated to the SEC's level of friendliness.
The SEC typically takes a significant amount of time to respond to 19b-4 applications. The final deadlines for almost all such applications are in October. Making a decision early would be abnormal. Regardless of how much the SEC 'supports cryptocurrency,' this is not a conspiracy.
Given the repeated delays in the approval of the Dogecoin ETF application, many have acknowledged this. Recently, the SEC postponed its decision on Solana ETF proposals from multiple issuers.
