SEC Delays Spot XRP (XRP) and Dogecoin (DOGE) ETF Approvals

The U.S. Securities and Exchange Commission (SEC) has delayed approval of spot XRP (XRP) and Dogecoin (DOGE) exchange-traded funds (ETFs).

The U.S. Securities and Exchange Commission has pushed out its decisions on a slew of cryptocurrency exchange-traded funds, largely delaying approval of the products.

The SEC said it will wait until June 15 to issue a decision on the Bitwise Dogecoin ETF, and June 17 to render a decision on the Franklin XRP Fund.

Many analysts had expected the delays, noting that final deadlines for most ETF filings are in October or late in the year.

The SEC has been inundated with applications for spot ETFs in cryptocurrencies such as XRP, Dogecoin and Solana since President Donald Trump returned to the White House earlier this year. Trump has vowed to loosen the rules and governance of cryptocurrencies, and to make America the crypto capital of the world.

Earlier this year, the SEC approved the first futures ETFs from ProShares and State Street Global Advisors. These ETFs invest in bitcoin futures contracts, which are derivatives that allow investors to bet on the price of bitcoin at a future date.

The agency has yet to approve any spot ETFs, which directly invest in the underlying cryptocurrency. These ETFs would provide investors with a more accessible and diversified way to gain exposure to the digital asset market.

However, the SEC has expressed concerns about the price volatility of cryptocurrencies and the potential for market manipulation. The agency has also raised questions about the ability of ETF issuers to adequately monitor the cryptocurrency exchanges that are used by the ETFs.

In April, the SEC extended the time frame for its decision on a slew of previously announced crypto ETFs.

At the time, the regulator was due to rule on the Franklin Gateway XRP Fund on April 27, and the Bitwise Factor Trust Bitcoin (BTC) Index Fund on April 28. It was also due to decide on the ETC Group Bitcoin (BTC) ETF by April 25.

But the SEC has now extended the time period for its decision on the Franklin Gateway Fund until June 17, and the Bitwise Factor Trust Fund and ETC Group Bitcoin ETF filings until October 24. It will also wait until June 15 to issue a decision on the Bitwise Factor Trust Dogecoin ETF.

The agency is currently accepting applications for a wide range of crypto ETFs, from single-coin ETFs to basket ETFs. It is also considering applications for ETFs that would be listed on new cryptocurrency exchanges in the U.S.