XRP ETF and Dogecoin ETF Applications Postponed by the SEC

The U.S. Securities and Exchange Commission has postponed its decision on the XRP ETF and Dogecoin ETF applications.

The U.S. Securities and Exchange Commission has postponed its decision on the XRP ETF and Dogecoin ETF applications.

Both digital asset products are being launched by Grayscale Investments and 21Shares. The XRP ETF is now facing a new decision date of June 17, following a similar regulatory path for the Dogecoin ETF.

The SEC extended the review period for the 21Shares-filed XRP ETF, shifting its verdict to mid-June. This continues a trend of extended timelines for cryptocurrency ETFs, such as Solana and Ethereum ETFs. The application seeks to list the product on the Cboe BZX Exchange.

The XRP ETF was filed in February and acknowledged by the SEC shortly after, initiating the official evaluation period.

While the extension does not signify a rejection, it highlights the SEC’s need for additional time to decide on the application. The commission mentioned the requirement to ensure compliance with Section 6(b)(5) of the Exchange Act.

The XRP ETF is part of a growing list of proposed altcoin ETFs that are pending approval. The SEC typically uses the full review period for 19b-4 filings.

Market experts have said that approval before June 17 would be considered early and largely uncharacteristic of the commission.

Dogecoin ETF Faces Similar Extension

Grayscale Investments also received a notice from the SEC regarding its Dogecoin ETF application. The product followed the launch of the DOGE Trust in January and entered the regulatory review process in March.

Like the XRP ETF, the Dogecoin ETF must meet anti-fraud and investor protection standards, which are being evaluated by the SEC.

The commission stated that it needs more time to assess whether the proposal satisfies relevant legal conditions and guidelines. As with the ETF, the Dogecoin product will undergo extended evaluation. A final decision will be made in the coming weeks.

The setback did not immediately affect Dogecoin’s market performance. It was priced at $0.2264, showing a 0.75% increase in 24 hours.

Meanwhile, the ETF news coincided with a 1.66% rise in XRP to $2.355.

XRP ETF Faces Longer Than Usual Review Timeline

Recently, the SEC has consistently delayed other applications, including the Solana ETF from Bitwise and 21Shares. This action demonstrates a broader review strategy rather than targeting specific assets.

The XRP ETF remains one of the high-profile proposals within this review cycle.

Analysts noted that the commission generally uses all the time allowed to assess new cryptocurrency ETF products. While Bitcoin and Ethereum ETFs are already approved, altcoin ETFs like the ETF and the ETF demand stricter examination.