- The U.S. SEC has delayed decisions on spot-based ETF applications for XRP and Dogecoin, requesting public comments as part of its extended review process.
- Experts suggest final approvals are unlikely before Q4 2025, despite growing optimism from industry leaders.
The U.S. Securities and Exchange Commission (SEC) has once again postponed its decisions on key cryptocurrency exchange-traded fund (ETF) applications, this time targeting spot-based ETFs for XRP and Dogecoin. The delay affects high-profile filings from Grayscale and 21Shares, including the Grayscale Dogecoin Trust.
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SEC Invites Public Feedback
According to updated filings on the SEC’s website, the commission has initiated formal proceedings to evaluate these ETF applications and is inviting public comments. The comment period will run for 21 days following publication in the Federal Register, with a rebuttal period of 35 days afterward.
The regulator stated that while it has not made any determinations yet, the applications raise “substantive questions” about legal and policy concerns that require broader public input.
This move isn’t limited to XRP and Dogecoin alone. The SEC has also delayed its decision on an amendment to the Bitwise Ethereum ETF, which proposes incorporating staking yields as part of the product offering. The amendment aims to expand the fund’s appeal by adding yield-generation potential.
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A Familiar Pattern
This latest delay fits a familiar pattern for crypto investors. In recent months, the SEC has extended deadlines on various spot-based crypto ETF applications, citing concerns over fraud and market manipulation, in accordance with Section 6(b)(5) of the Securities Exchange Act.
In March, the SEC already pushed back its ruling on multiple applications, including the Grayscale XRP Trust ETF, which had a previous decision date set for May 21. That deadline has now been extended again.
No Decisions Expected Until Q4
ETF analyst James Seyffart of Bloomberg Intelligence says these delays are standard practice. He explained that the SEC often takes the full 240-day review period before making any final decisions.
Delays on spot crypto ETFs are expected. A bunch of XRP ETPs have dates in next few days.
If we’re gonna see early approvals from the SEC on any of these assets — i wouldn’t expect to see them until late June or early July at absolute earliest. More likely to be in early 4Q.
— James Seyffart (@JSeyff) May 20, 2025
Seyffart doesn’t expect any spot-based crypto ETF—XRP included—to be approved until early Q4 2025. He believes the SEC will likely stretch the review until mid-October, aligning with the final deadline for many of the applications currently under review.
Despite the delays, Nate Geraci, president of ETF Store Inc., remains optimistic. He expects eventual approval of all altcoin ETFs under consideration, including those for XRP and Dogecoin.
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