SEC Postpones Decisions on $XRP and Dogecoin Spot ETFs
The U.S. Securities and Exchange Commission (SEC) has delayed its rulings on proposed spot ETFs for XRP and Dogecoin, citing the need for further review. The applications—submitted by 21Shares and Grayscale Investments—are now expected to be decided in June, as the agency continues its cautious approach toward altcoin-based exchange-traded products.
ETF Application Background
Back in February, 21Shares filed to list a spot XRP ETF on the Cboe BZX Exchange, aiming to give institutional investors direct exposure to XRP. In March, Grayscale followed with a proposal for a spot Dogecoin ETF, building on the momentum of its earlier Dogecoin Trust launch.
Regulatory Review Process
The SEC is evaluating both applications under Section 6(b)(5) of the Securities Exchange Act of 1934, which requires that exchange rules are designed to prevent fraud, manipulation, and safeguard investor interests. A decision on the XRP ETF is now scheduled for June 17, with Dogecoin expected to follow a similar timeline.
Market Reaction
Despite the delays, market sentiment remains steady. At the time of writing:
XRP is trading at $2.355, up 1.66%
Dogecoin is at $0.2264, up 0.75%, according to CoinMarketCap
Altcoin ETF Landscape
The SEC has also postponed its ruling on a proposed Solana ETF, signaling a consistent pattern of caution across all altcoin ETF proposals. Bloomberg ETF analyst James Seyffart described the delays as routine but noted that an early approval of the XRP ETF in June would be a landmark moment for altcoin adoption in traditional finance.
Leadership Outlook
Investor sentiment has improved under new SEC Chair Paul Atkins, who is recognized for his innovation-friendly stance. His leadership could influence a more open regulatory environment for crypto ETFs. If approved, these ETFs could catalyze a surge in institutional interest and investment in the broader altcoin market.
