SEC Postpones Decisions on Whether to Approve Dogecoin and XRP Spot ETFs

The US Securities and Exchange Commission (SEC) has postponed deciding on whether to greenlight two proposed cryptocurrency exchange-traded funds (ETFs) holding

The US Securities and Exchange Commission (SEC) has postponed deciding on whether to greenlight two proposed cryptocurrency exchange-traded funds (ETFs) holding Dogecoin and XRP, filings show.

The US regulator has now pushed back its deadline for ruling on the proposed ETF listings until June 12, according to two filings.

The filings were in response to March requests from US exchanges NYSE Arca and Cboe BZX Exchange to list Bitwise’s Dogecoin DOGEUSD ETF and Franklin Templeton’s XRP XRPUSD ETF, respectively.

They came on the same day that Nasdaq asked for permission to list a 21Shares Dogecoin ETF.

Dogecoin is the world’s most heavily traded memecoin, with a market capitalization of around $26 billion as of April 29, according to data from CoinGecko.

XRP is the native token of the XRP Ledger blockchain network. It has a market capitalization of approximately $133 billion, CoinGecko data shows.

Deluge of filings

In 2024, the SEC has been deluged with requests to authorize dozens of altcoin ETFs for US listing.

As of April 21, around 70 crypto ETFs were pending the SEC’s approval, according to Balchunas.

Asset managers are proposing funds holding “[e]verything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between,” Balchunas said.

The deluge of proposals comes as US President Donald Trump pushes the SEC to take a more accommodating stance toward cryptocurrencies.

However, analysts say investor demand for altcoin ETFs may be light in comparison to funds holding core cryptocurrencies such as Bitcoin and Ether.

“Having your coin get ETF-ized is like being in a band and getting your songs added to all the music streaming services,” Balchunas said.

“Doesn’t guarantee listens but it puts your music where the vast majority of the listeners are.”

Although US exchanges are keen to introduce crypto ETFs, they are also urging the SEC to take a hard regulatory posture toward digital assets.

In an April 25 comment letter, Nasdaq encouraged the SEC to hold digital assets to the same compliance standards as equities if they constitute “stocks by any other name.”