SEC延遲XRP和Dogecoin ETF

美國證券交易委員會（SEC）已在四個密切關注的加密交易交易的產品文件中剎車

The US Securities and Exchange Commission (SEC) has hit the brakes on four closely watched crypto exchange-traded product filings, instituting formal proceedings on spot XRP and Dogecoin exchange traded funds (ETFs) and extending its review of an Ethereum staking amendment.

美國證券交易委員會（SEC）已對四個密切關注的加密交易所交易產品歸檔進行了剎車，在現場XRP和Dogecoin Exchange Traded Funds（ETF）上製定了正式程序（ETFS），並擴展了對Ethereum Staking Straking Abting修訂的審查。

Orders published late on May 20 designate longer periods for the 21Shares Core XRP Trust (Release No. 34-103080), the Grayscale XRP Trust (34-103090), and the Grayscale Dogecoin Trust (34-103079), while a separate notice (34-10386) defers action on Bitwise’s proposal to permit staking in its already-delayed Ethereum ETF. Each order invites public comment and makes clear that “institution of proceedings does not indicate that the Commission has reached any conclusions.”

5月20日下旬發布的訂單指定了21shares Core XRP Trust（第34-103080號發行版），Grayscale XRP Trust（34-103090）和Grayscale Dogecoin Trust（34-103079）（34-103079）的較長期限，同時又有一個單獨的通知（34-10386），以供不應求（34-10386），以供您使用blips的行動。每個命令都會邀請公眾評論，並明確指出：“訴訟機構並未表明委員會已經得出任何結論。”

Under Section 19(b)(2)(B) of the Exchange Act, the Commission now has up to 240 days from the original filing dates—placing the final deadlines for these products in early October—to approve or disapprove the rule changes. Commenters will have 21 days after Federal Register publication to submit briefs, and 35 days to file rebuttals. The agency says the extended period is needed to assess whether the proposed structures are “designed to prevent fraudulent and manipulative acts and practices” and to weigh investor-protection considerations.

根據《 Exchange Act》第19（b）（2）（b）條，該委員會現在已經從原始申請日期開始長達240天 - 將這些產品的最終截止日期置於10月初的最終截止日期，以批准或不贊成規則更改。聯邦登記冊出版物提交摘要和35天提交反駁後，評論者將有21天的時間。該機構表示，需要長時間來評估擬議的結構是否是“旨在防止欺詐和操縱性的行為和實踐”並權衡投資者保護考慮因素。

Bloomberg Intelligence ETF analyst James Seyffart framed the delay as routine rather than restrictive. “DELAYS on Ether ETF staking for Bitwise and on Grayscale’s XRP ETF filing. Both expected IMO,” he wrote on X, adding that the SEC “typically takes the full time to respond to a 19b-4 filing” and that early approvals, if any, “wouldn’t arrive before late June or early July at the absolute earliest.” When asked whether the Litecoin ETF was likely to remain in limbo as well, Seyffart replied, “Yes, I think that’s most likely, but I also think Litecoin is one that has a higher likelihood vs others of getting approved first.”

彭博情報ETF分析師詹姆斯·塞夫特（James Seyffart）將延遲定為例行而不是限制。他在X上寫道：“延遲了Ether ETF的位置和Grayscale的XRP ETF歸檔。這兩者都期望IMO，並補充說，SEC“通常需要全職來響應19b-4的備案”，並且早期的批准（如果有的話）在6月下旬或七月下旬或七月早些時候絕對是絕對最早的。”當被問及Litecoin ETF是否也可能仍然處於困境時，Seyffart回答說：“是的，我認為這很可能是，但我也認為Litecoin是具有更高可能性的人，而不是先批准的其他人。”

Nate Geraci, president of The ETF Store, echoed that assessment. “SEC delays several decisions today on spot xrp & doge ETFs, along w/ staking in eth ETFs… Nothing to see here IMO. Still think all will be approved,” he posted via X, cautioning that clarity from the Internal Revenue Service on the tax treatment of staking rewards inside grantor trusts remains an outstanding issue. Geraci had already flagged rising institutional demand the previous day, noting that “CME-traded XRP futures are now live… Spot XRP ETFs only a matter of time.”

ETF商店總裁Nate Geraci回應了這項評估。 “ SEC今天在現場XRP＆Doge ETF上延遲了幾項決定，沿著ETH ETF的股份……在這裡沒有什麼可看的IMO。仍然認為所有這些都將被批准。”他通過X張貼，警告說，內部稅收服務從內部稅收服務中對贈款人內部的稅收待遇的稅收待遇的清晰度仍然是一個傑出的問題。 Geraci在前一天已經標記了機構需求不斷上升的要求，並指出“ CME交易的XRP期貨現在已經存在了……僅將XRP ETF置於時間問題。”

CME Group’s launch of standard and micro XRP futures on May 19 gives market participants their first CFTC-regulated venue for leveraged exposure to the token, expanding a crypto derivatives suite that already includes Bitcoin, Ether and Solana contracts. Early volumes were modest—roughly $1.5 million on debut—but analysts say the reference-rate infrastructure these futures require will be central to any surveillance-sharing agreements the SEC demands for spot products.

CME Group於5月19日推出了標準和微XRP期貨，使市場參與者擁有第一個由CFTC調節的場所，以槓桿接觸令牌，擴大了已經包括比特幣，Ether和Solana合同的加密衍生品套件。早期卷很小，首次亮相150萬美元，但分析師說，這些期貨所需的參考率基礎設施對於SEC對現貨產品的任何監視共享協議的核心都是至關重要的。

Ultimately the calendar now clear. Barring an unlikely early approval, the comment cycles will run into mid-summer, pushing any definitive Commission vote on XRP, Dogecoin or ETH-staking structures into the fourth quarter. “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,” Seyffart writes.

最終，日曆現在很清楚。除非不太可能提前批准，否則評論周期將遇到仲夏，將對XRP，Dogecoin或Eth Starting結構的任何權威委員會投票到第四季度。 Seyffart寫道：“如果我們要對SEC的任何資產進行早期批准，我希望直到6月下旬或7月初絕對最早看到它們。

At press time, XRP traded at $2.37.

發稿時，XRP的交易價格為2.37美元。