Key Takeaways
- The SEC has again delayed decisions on proposed spot ETFs for XRP, Dogecoin, and Ethereum.
- Next deadlines fall in July, but final rulings may not come before October.
- Regulatory clarity around crypto asset classification remains a major hurdle.
The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on several proposed crypto spot exchange-traded funds (ETFs), including those tied to XRP, Dogecoin (DOGE), and Ethereum (ETH).
The agency is extending its review period as it seeks public input and waits for more regulatory clarity.
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SEC Pushes Back Decision on XRP, Dogecoin, Ethereum ETFs, Again
In filings dated May 20, the SEC announced it would postpone rulings on 21Shares Core XRP Trust, Grayscale XRP Trust, and Grayscale Dogecoin Trust.
It also delayed its decision on Bitwise’s proposal to add Ethereum staking to its ETF offering.
The next major deadline for these proposals is set for July 6, though the agency could take until October to make a final decision.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC wrote in its latest filing.
The agency also called for public comments on whether these crypto products should be approved.
Altcoin ETFs Face Uphill Battle Amid Legal Uncertainty
Many in the crypto community had hoped the SEC would accelerate approvals following the appointment of Donald Trump’s nominee, Paul Atkins.
However, the agency remains cautious, especially when it comes to altcoins and memecoins, which may be deemed securities.
While the SEC greenlit spot Bitcoin ETFs and ETH ETFs in 2024, other crypto products face steeper regulatory challenges.
Bitcoin’s asset classification and Ethereum’s decentralization were key factors in their approvals. That clarity doesn’t yet exist for assets like XRP, DOGE, or Solana.
Some asset managers have even filed proposals for memecoin ETFs, including one for TRUMP, the President’s official memecoin.
Until lawmakers or courts provide clearer guidance on whether these tokens are securities or commodities, the SEC is unlikely to move forward with approval.
Additionally, the commission typically uses its full review window for ETF filings, most of which have final deadlines in October.
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