The U.S. Securities and Exchange Commission (SEC) has pushed back its verdict on three spot-based exchange-traded fund (ETF) applications seeking to track XRP and Dogecoin.

美国证券交易委员会（SEC）推迟了对旨在跟踪XRP和Dogecoin的三个基于现货的交易所基金（ETF）申请的判决。

The proposed funds affected include the filings of Grayscale, 21Shares, and the Grayscale Dogecoin Trust. According to recent filings on its website, the SEC has commenced proceedings on these ETFs and has requested public comments from interested parties.

拟议的受影响的资金包括灰度，21shares和灰花dogecoin信托的备案。根据其网站上的最新文件，SEC已开始对这些ETF进行诉讼，并要求对感兴趣的各方发表公开评论。

Similarly, the SEC has postponed its ruling on an amendment that would enable the Bitwise Ethereum ETF to engage in staking. This amendment aims to expand investors' exposure to the Bitwise Ethereum ETF by encompassing staking yields.

同样，SEC也将其裁定推迟了一项修正案，该修正案将使位于以太坊ETF参与静止状态。这项修正案旨在通过涵盖放电产量来扩大投资者对位于以太坊ETF的敞口。

SEC Invites Public Comments

SEC邀请公众评论

This request aims to aid the securities regulator in collecting public input on the policy and legal concerns related to ETF filings.

该请求旨在帮助证券监管机构收集有关与ETF申请有关的政策和法律问题的公众意见。

In the meantime, the commission clarified that it has not yet reached any conclusions regarding the legal and policy concerns. However, it signaled that the proposals only raised substantive questions that deserve broader input from the public.

同时，委员会澄清说，它尚未就法律和政策问题得出任何结论。但是，它表明这些提议只提出了应得的实质性问题，这些问题应得到公众的广泛投入。

Notably, the comment period will run for 21 days from the publication of the recent filings in the Federal Register. The period for rebuttal comments is expected to linger for 35 days after publication in the Federal Register.

值得注意的是，该评论期将于联邦公报最近的备案发布后持续21天。反驳评论的期限预计将在联邦公报上发表后持续35天。

Not New

并不新

It is noteworthy that the SEC’s latest action does not come as a surprise to crypto enthusiasts. Over the past few months, the securities regulator has been postponing its decision on multiple crypto ETF proposals, including those designed to track XRP and Dogecoin performance.

值得注意的是，SEC的最新动作对加密助人的爱好者来说并不令人惊讶。在过去的几个月中，证券监管机构一直在推迟其对多个加密ETF提案的决定，包括旨在跟踪XRP和Dogecoin绩效的建议。

In March, the SEC extended the review period for various crypto ETF applications from Grayscale, 21Shares, VanEck, and Canary. At the time, the SEC extended the decision deadline for Grayscale’s XRP Trust ETF application to May 21.

3月，SEC延长了来自Grayscale，21Shares，Vaneck和Canary的各种加密ETF应用程序的审核期。当时，SEC将Grayscale XRP Trust ETF应用程序的决策截止日期延长至5月21日。

It has now extended the review period once again to determine whether the proposed products have the necessary safeguards to prevent fraud and market manipulation, as mandated by Section 6(b)(5) of the Securities Exchange Act.

现在，它再次延长了审核期，以确定拟议的产品是否具有必要的保障措施，以防止欺诈和市场操纵，按照《证券交易法》第6（b）（5）条规定。

SEC to Use Full Review Period Before Issuing Its Decision

SEC在发布决定之前使用完整的审查期

Meanwhile, James Seyffart, an ETF expert at Bloomberg Intelligence, said it is normal for the SEC to delay its decisions on spot crypto ETFs. He emphasized that while the SEC is expected to rule on several XRP ETF applications in the coming days, the commission may choose to extend the deadline.

同时，彭博情报公司ETF专家James Seyffart表示，SEC在现场加密ETF上推迟其决策是正常的。他强调，尽管预计SEC将在未来几天对几个XRP ETF申请进行裁决，但委员会可能会选择延长截止日期。

He suggested that the SEC will not approve any spot crypto ETFs in June-July, adding that these products will likely launch in early Q4 2025.

他建议SEC不会在6月至7月批准任何现场加密ETF，并补充说，这些产品可能会在2025年初推出。

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.

如果我们要对SEC的任何资产获得早期批准，那么直到6月下旬或7月初，我绝对不会看到它们。更有可能在4Q早期。

— James Seyffart (@JSeyffart) May 20, 2025

- 詹姆斯·塞弗特（James Seyffart）（@jseyffart）2025年5月20日

In a follow-up comment, Seyffart asserted that the SEC usually takes the full 240 days to review ETF applications. Hence, he expects the SEC to use the whole comment period before issuing its final decision.

Seyffart在后续评论中断言，SEC通常需要整整240天才能审查ETF申请。因此，他希望SEC在发布最终决定之前使用整个评论期。

Further, Seyffart noted that the final due date for most crypto ETF applications, including XRP, is in October, which aligns with his previous mid-October deadline for XRP.

此外，Seyffart指出，包括XRP在内的大多数加密ETF申请的最后截止日期是在10月，该日期与他以前的XRP截止日期相吻合。

Meanwhile, Nate Geraci, president of the ETF Store Inc., seemed unconcerned about the recent delays. He believes the commission will still approve all the proposed ETFs for altcoins, including XRP and Dogecoin.

同时，ETF Store Inc.总裁Nate Geraci似乎对最近的延误并不关心。他认为，委员会仍将批准包括XRP和Dogecoin在内的AltCoins的所有拟议ETF。