The U.S. SEC has delayed its decision on three spot-based ETF applications seeking to track XRP and Dogecoin.
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 initiated proceedings on these ETFs and has requested public comments from interested parties.
Similarly, the SEC has postponed its decision on an amendment that would allow the Bitwise Ethereum ETF to permit staking. This amendment aims to broaden investors’ exposure to the Bitwise Ethereum ETF by incorporating staking yields.
SEC Calls for Public Comments
This request aims to help the securities regulator gather public input on the policy and legal concerns related to ETF filings.
In the meantime, the commission clarified that it has not 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.
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.
Not New
It is worth noting that the SEC’s latest action does not come as a surprise to crypto enthusiasts. Over the past few months, the securities regulator has postponed its decision on multiple crypto ETF proposals, including those seeking to track XRP and Dogecoin performance.
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.
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.
SEC to Use Full Review Period Before Issuing Its Decision
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.
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.
Delays on spot crypto ETFs are expected. A bunch of XRP ETPs have dates in next few days.
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.
— James Seyffart (@JSeyff) May 20, 2025
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.
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.
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.
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