The U.S. Securities and Exchange Commission (SEC) has announced a delay in its decision regarding proposed spot exchange-traded funds (ETFs) for XRP and Dogecoin. The applications, submitted by 21Shares and Grayscale Investments, are now expected to be reviewed further, with final decisions anticipated in June 2025. This development reflects the SEC’s cautious and consistent approach toward ETFs based on alternative cryptocurrencies.
ETF Application Background
In February 2025, 21Shares submitted an application to list a spot XRP ETF on the Cboe BZX Exchange, aiming to offer institutional investors direct exposure to the digital asset. The move was followed by Grayscale’s March filing for a spot Dogecoin ETF, building on the foundation of its recently launched Dogecoin Trust.
Regulatory Review and Criteria
The SEC is evaluating both filings under Section 6(b)(5) of the Securities Exchange Act of 1934, which mandates that exchange rules must prevent fraud and manipulation while protecting investor interests. The Commission has set June 17, 2025, as the next target date for a decision on the XRP ETF. A similar timeline is expected for the Dogecoin proposal.
Market Response
Despite the regulatory delays, both XRP and Dogecoin have maintained relatively stable market performance. As of the latest data from CoinMarketCap, XRP is trading at $2.355, reflecting a 1.66% increase, while Dogecoin is priced at $0.2264, up 0.75%.
Context: Altcoin ETF Landscape
The SEC's delay is consistent with its recent decision to postpone consideration of a proposed Solana ETF, indicating a broader pattern of regulatory caution toward altcoin-based financial products. According to Bloomberg ETF analyst James Seyffart, such extensions are typical in the ETF approval process. However, he emphasized that an early approval—particularly of the XRP ETF—could mark a significant shift in regulatory momentum.
Leadership and Industry Outlook
Investor sentiment has improved since Paul Atkins assumed leadership as SEC Chair. Widely regarded for his supportive stance on financial innovation, Atkins may play a pivotal role in shaping future policies surrounding crypto-based ETFs. Approval of the XRP and Dogecoin ETFs could signal a broader acceptance of altcoin investment vehicles, potentially opening the door to greater institutional adoption and market growth across the digital asset sector.
