SEC punts decisions on XRP, DOGE ETFs

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on two proposed cryptocurrency exchange-traded funds (ETFs): one holding Dogecoin (DOGE), and another holding XRP. This delay pushes the ruling deadline to June, according to filings reviewed by Cointelegraph.

These filings respond to March requests from NYSE Arca and Cboe BZX Exchange to list Bitwise's DOGE ETF and Franklin Templeton's XRP ETF, respectively. A similar request for a 21Shares Dogecoin ETF was concurrently submitted by Nasdaq.

Dogecoin, currently the most heavily traded memecoin, boasts a market capitalization of approximately $26 billion (as of April 29, according to CoinGecko). XRP, the native token of the XRP Ledger, has a market cap of roughly $133 billion (CoinGecko data).

The SEC has delayed its deadline for reviewing Franklin's XRP Fund. Source: SEC

A Flood of Filings

The SEC has received numerous requests to approve altcoin ETFs for U.S. listing in 2025. As of April 21, approximately 70 crypto ETFs awaited SEC review. Bloomberg analyst Eric Balchunas noted the diverse range of proposed funds, encompassing assets from "XRP, Litecoin, and Solana to Penguins, Doge, and 2x Melania, and everything in between."

This surge in proposals coincides with calls from U.S. President Donald Trump for a more lenient SEC approach to cryptocurrencies. However, analysts suggest investor demand for altcoin ETFs might be less robust compared to those holding Bitcoin (BTC) and Ether (ETH). Balchunas likened an ETF listing to a band getting its music on major streaming services: increased visibility, but not guaranteed success.

While U.S. exchanges are actively pursuing crypto ETFs, they also advocate for stringent regulation. In an April 25 comment letter, Nasdaq urged the SEC to hold digital assets to the same compliance standards as securities if they function similarly.