The U.S. Securities and Exchange Commission ($SEC) has extended its review of proposed spot exchange-traded funds (ETFs) for $XRP and Dogecoin. The applications, submitted by 21Shares and Grayscale Investments, are now expected to receive decisions in June. This move is part of a broader pattern of regulatory caution toward altcoin-based ETFs.

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Background on ETF Filings

In February, 21Shares filed an application to list a spot XRP ETF on the Cboe BZX Exchange, aiming to provide institutional investors with direct exposure to XRP. Grayscale followed in March with a proposal for a spot Dogecoin ETF, following the launch of its Dogecoin Trust earlier this year.

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Regulatory Framework

The SEC is assessing both applications under Section 6(b)(5) of the Securities Exchange Act of 1934. This section requires that exchange rules are designed to prevent fraud, manipulation, and protect investor interests. The Commission has set a new decision date for the XRP ETF on June 17, with a similar timeframe expected for Dogecoin.

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Market Reaction

Despite the delays, both XRP and Dogecoin have seen stable market performance. At the time of writing, XRP is trading at $2.355, up 1.66%, while Dogecoin stands at $0.2264, marking a 0.75% increase, according to CoinMarketCap.

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Broader Context: Altcoin ETF Landscape

The SEC also recently postponed its decision on a proposed Solana ETF, indicating a consistent approach across altcoin-related applications. Bloomberg ETF analyst James Seyffart described the delays as standard practice but noted that an early approval of the XRP ETF in June would be a significant milestone.

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Leadership and Outlook

Investor confidence has improved since Paul Atkins assumed the role of SEC Chair. Known for his progressive stance on financial innovation, Atkins may play a key role in shaping the future of crypto ETFs. As the industry awaits regulatory decisions, the approval of these products could usher in a new wave of institutional adoption and momentum in the altcoin market.

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