US SEC Delays Decision on Bitcoin and XRP ETFs, Opening the Door to Altcoin Market Expansion

The US Securities and Exchange Commission (SECV) has delayed its verdict on two altcoin-based exchange-traded funds (ETFs).

What Happened: The regulator has extended its review of a proposed Dogecoin ETF from Bitwise and an XRP ETF from Franklin Templeton until June 2025, according to filings on Wednesday. The filings, which are responses to March requests from NYSE Arca and Cboe BZX Exchange, respectively, saw the SEC defer a final decision on both ETFs.

The agency did not provide a specific reason for the extension, which falls under its routine extension authority. The deferral comes as Nasdaq submitted a separate request to list a 21Shares Dogecoin ETF.

This brings three major exchange proposals involving altcoin ETFs into the spotlight within a short period.

Why It Matters: The proposed Bitwise ETF, which would hold Dogecoin, is applying to list on the NYSE Arca exchange. Meanwhile, the proposed Franklin Templeton ETF, which would hold XRP, is applying for listing on the Cboe BZX Exchange.

These ETFs aim to provide investors with convenient and accessible avenues to invest in altcoins through traditional financial channels.

The filings follow the earlier approval of Bitcoin and Ethereum ETFs, which are already trading on US exchanges.

The Dogecoin and XRP ETF applications are part of a broader wave of crypto fund applications.

As of April 29, Dogecoin (DOGE) had a market capitalization of about $26 billion and XRP, the native token of the XRP Ledger, was valued at approximately $133 billion, according to CoinGecko.

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These ETFs would allow investors to gain exposure to Dogecoin and XRP through traditional financial channels. The filings follow earlier ETF approvals tied to Bitcoin and Ethereum, which are already trading on US exchanges.

The Dogecoin ETF and XRP ETF applications reflect asset managers’ efforts to diversify crypto-linked products while navigating regulatory review. No final decision has been issued yet for either fund.

The SEC has also received a growing number of crypto ETF filings in 2025. By April 21, approximately 70 applications were pending, including proposals for ETFs holding XRP, Solana, Litecoin, Dogecoin, and lesser-known tokens such as Penguins and 2x Melania.

Issuers are now filing ETFs for “everything from XRP… to Doge and everything in between,” said Eric Balchunas, a senior ETF analyst at Bloomberg, in a post on X.

According to Balchunas, getting an ETF does not ensure investor inflows but places the asset “where the vast majority of the listeners are.”

These filings follow increasing political attention toward crypto regulation. President Donald Trump has publicly supported reducing restrictions on digital assets, which has coincided with more ETF proposals reaching US regulators.

While Nasdaq supports the expansion of crypto ETFs, it also wants stronger compliance standards. In a comment letter dated April 25, the exchange urged the SEC to apply the same rules to digital assets that apply to traditional securities.

If a crypto asset operates as a security, it should be regulated as one, stated Nasdaq’s letter. The exchange stressed that maintaining consistent oversight is key to protecting market stability and investor trust.

This request for clearer rules comes as exchanges continue to file listings such as the Dogecoin ETF and XRP ETF. With more altcoin ETFs pending, market participants await the SEC’s next round of decisions in June.

Now Read: Trump Wants To Open Up US To Bitcoin And Crypto Banking, Plans To Announce In August: Report

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