SEC延迟XRP和Dogecoin ETF

美国证券交易委员会（SEC）已在四个密切关注的加密交易交易的产品文件中刹车

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.

美国证券交易委员会（SEC）已对四个密切关注的加密交易所交易产品归档进行了刹车，在现场XRP和Dogecoin Exchange Traded Funds（ETF）上制定了正式程序（ETFS），并扩展了对Ethereum Staking Straking Abting修订的审查。

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日下旬发布的订单指定了21shares Core XRP Trust（第34-103080号发行版），Grayscale XRP Trust（34-103090）和Grayscale Dogecoin Trust（34-103079）（34-103079）的较长期限，同时又有一个单独的通知（34-10386），以供不应求（34-10386），以供您使用blips的行动。每个命令都会邀请公众评论，并明确指出：“诉讼机构并未表明委员会已经得出任何结论。”

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.

根据《 Exchange Act》第19（b）（2）（b）条，该委员会现在已经从原始申请日期开始长达240天 - 将这些产品的最终截止日期置于10月初的最终截止日期，以批准或不赞成规则更改。联邦登记册出版物提交摘要和35天提交反驳后，评论者将有21天的时间。该机构表示，需要长时间来评估拟议的结构是否是“旨在防止欺诈和操纵性的行为和实践”并权衡投资者保护考虑因素。

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.”

彭博情报ETF分析师詹姆斯·塞夫特（James Seyffart）将延迟定为例行而不是限制。他在X上写道：“延迟了Ether ETF的位置和Grayscale的XRP ETF归档。这两者都期望IMO，并补充说，SEC“通常需要全职来响应19b-4的备案”，并且早期的批准（如果有的话）在6月下旬或七月下旬或七月早些时候绝对是绝对最早的。”当被问及Litecoin ETF是否也可能仍然处于困境时，Seyffart回答说：“是的，我认为这很可能是，但我也认为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商店总裁Nate Geraci回应了这项评估。 “ SEC今天在现场XRP＆Doge ETF上延迟了几项决定，沿着ETH ETF的股份……在这里没有什么可看的IMO。仍然认为所有这些都将被批准。”他通过X张贴，警告说，内部税收服务从内部税收服务中对赠款人内部的税收待遇的税收待遇的清晰度仍然是一个杰出的问题。 Geraci在前一天已经标记了机构需求不断上升的要求，并指出“ CME交易的XRP期货现在已经存在了……仅将XRP ETF置于时间问题。”

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于5月19日推出了标准和微XRP期货，使市场参与者拥有第一个由CFTC调节的场所，以杠杆接触令牌，扩大了已经包括比特币，Ether和Solana合同的加密衍生品套件。早期卷很小，首次亮相150万美元，但分析师说，这些期货所需的参考率基础设施对于SEC对现货产品的任何监视共享协议的核心都是至关重要的。

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.

最终，日历现在很清楚。除非不太可能提前批准，否则评论周期将遇到仲夏，将对XRP，Dogecoin或Eth Starting结构的任何权威委员会投票到第四季度。 Seyffart写道：“如果我们要对SEC的任何资产进行早期批准，我希望直到6月下旬或7月初绝对最早看到它们。

At press time, XRP traded at $2.37.

发稿时，XRP的交易价格为2.37美元。