The U.S. Securities and Exchange Commission (SEC) has postponed its decisions on proposed spot exchange-traded funds (ETFs) for XRP and Dogecoin, extending the timeline into 2025. The revised deadlines are June 15th for Bitwise's Dogecoin ETF and June 17th for Franklin Templeton's XRP fund.

This delay was anticipated by industry experts, as the SEC's review period can be extended up to 240 days. Analysts predict the final decisions will be made in October 2025, when the extended deadlines expire.

Implications for Crypto ETFs in 2025

The SEC's delay is unsurprising. The agency's statutory mandate allows for a 45-day review period, extendable to 90 and then 240 days. In filings on April 30th, the SEC cited the need for sufficient time to review the proposals and address related issues—language consistent with past filings for Bitcoin and Ethereum ETFs.

The proposals under review are: Bitwise Dogecoin Trust, aiming to be the first U.S.-listed ETF offering direct DOGE exposure, and Franklin XRP Trust, a spot ETF holding XRP tokens. Both seek U.S. exchange listings, providing regulated access for retail and institutional investors.

Analyst Reaction: A Predictable Delay

Bloomberg ETF analyst James Seyffart stated on X that the delay was "fully expected," noting the SEC is likely to utilize the majority of its review time before a final decision. This sentiment is echoed across ETF analysts, who view the delays as procedural rather than indicative of approval or rejection bias. This mirrors the pattern observed with spot Bitcoin ETFs, many of which experienced multiple delays before approval in January 2024.

Market Reaction: Minimal Impact on XRP and DOGE

Despite the delay, XRP and Dogecoin prices remained relatively stable. This suggests the market had already factored in the possibility of a postponement. Unlike previous years when ETF approval uncertainty caused volatility, current investors appear less affected by the SEC's timeline. Bitcoin and Ethereum also showed no significant price changes.

SEC's Cautious Approach

While the SEC's delays have drawn criticism, they stem from concerns about market manipulation, particularly given the influence of celebrity endorsements and social media hype on DOGE and XRP. Unlike Bitcoin, which has established institutional custody solutions, securing XRP and DOGE for fund-level management presents unique operational risks. Furthermore, the SEC's ongoing lawsuit against Ripple Labs adds complexity, despite Ripple's partial legal victory in 2023.

Analysts believe these issues might be resolved by October's deadlines, especially with Chair Paul Atkins's more crypto-friendly approach.

The Road Ahead: Q4 2025 Deadlines

According to ETF tracking analysts, the final deadlines are: October 13th, 2025 for the Bitwise Dogecoin ETF and October 17th, 2025 for the Franklin XRP ETF. Failure to reach a decision by these dates will result in the applications lapsing unless refiled. The SEC may issue further delay notices, but historically, it tends to act at the last possible moment.

Frequently Asked Questions

• Why did the SEC delay the XRP and Dogecoin ETFs? The SEC extended the review period to allow for thorough consideration of the proposed rule changes, a legally permissible process.
• What are the new deadlines? June 15th for Bitwise's Dogecoin ETF and June 17th for Franklin Templeton's XRP ETF.
• Does this mean rejection is likely? ETF analysts view the delays as procedural and expected. Final decisions are due in October 2025.
• Has any country approved an XRP or DOGE ETF yet? Brazil approved and launched the world's first XRP spot ETF on the B3 stock exchange.

Glossary

• ETF (Exchange-Traded Fund): A regulated fund that tracks the price of an underlying asset or group of assets and trades on public exchanges like a stock.
• Spot ETF: An ETF that holds the actual underlying asset (e.g., XRP or DOGE) instead of tracking it via futures contracts.
• SEC (Securities and Exchange Commission): The US federal agency overseeing securities markets and regulating investment products like ETFs.
• Market Manipulation: The act of artificially affecting an asset's price or volume, a significant concern in crypto markets due to their susceptibility to external hype.

Sources: James Seyffart via X; CoinDesk; CryptoSlate

Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice. Investing in cryptocurrency and ETFs involves risk. Consult a licensed financial advisor before making investment decisions.