The U.S. Securities and Exchange (SECo) has continued to scrutinize several altcoin exchange-traded fund (ETF) proposals as the crypto market eagerly awaits the agency’s verdict on these new investment vehicles.

Among these highly anticipated applications are proposals for an XRP ETF from 21Shares and a Dogecoin ETF from Grayscale. However, the SEC has announced that it is extending its decision timeframe on these ETFs.

Originally set for May 21-22, the legal and regulatory filings indicate that the apex regulator is now aiming to complete its review by mid-June or early July.

Announced on Tuesday, the SEC is opening formal proceedings to determine whether the proposals conform to Exchange Act Section 6(b)(5) requirements, which emphasize preventing fraud and safeguarding investors.

The 21Shares Core XRP Trust is designed to follow the CME CF XRP-Dollar Reference Rate and would use Coinbase Custody for the storage of the digital assets.

Meanwhile, Grayscale's proposal includes both a Dogecoin Trust, which would follow CoinDesk's Dogecoin Price Index, and an XRP Trust that tracks CoinDesk's XRP Price Index.

Each proposed ETF would issue shares in 10,000-share blocks and hold only its respective digital assets.

The agency is also collecting public comment, which is due 21 days from the Federal Register publication, with rebuttal submissions due 35 days later. This public feedback will factor into the SEC's evaluation of the proposals.

The apex regulator is also seeking comment on several proposals for Solana-tracking ETFs from 21Shares, Bitwise, VanEck, and Canary Capital. The SEC had announced these extensions on Monday.

Both 21Shares and Grayscale already offer Bitcoin and Ethereum funds in the U.S. after receiving SEC approval last year. The Swiss firm 21Shares filed an S-1 form with the SEC last year for an XRP ETF.

Currently, XRP holds the fourth spot in terms of market capitalization among cryptocurrencies and was created by the founders of Ripple, a fintech company focused on facilitating cross-border transactions.

Based in Stamford, Connecticut, Grayscale filed plans in January to convert its existing Dogecoin Trust into an ETF. Dogecoin, the eighth largest cryptocurrency by market cap, has become a subject of interest and amusement among internet users.

Several other asset managers are also planning to launch their own altcoin ETFs.

Among these endeavors, Bitcoins plans to launch a Litecoin ETF, Franklin Templeton is aiming for a Cardano ETF, and CoinShares is proposing an SUI ETF and an ETF on the Pengu token.

The SEC's move to extend its review period for these altcoin ETF proposals comes amid widespread interest from asset managers in launching new crypto investment products.

After the successful launch of spot Bitcoin ETFs and the introduction of Ethereum funds last year, many firms are expanding their offerings to include other digital currencies.

According to CoinGlass data, spot Bitcoin funds currently manage over $126 billion in assets, highlighting the rapid adoption of these new instruments.

The regulatory agency highlighted that the extended review proceedings do not necessarily indicate its final position on the applications.

As the SEC's decision approaches, the crypto industry and investors alike are eagerly awaiting the outcome, which could potentially open new regulated investment pathways into the altcoin market.