SEC Delays ETF Decisions for XRP and Dogecoin
In a significant development for the cryptocurrency market, the U.S. Securities and Exchange Commission (SEC) has announced delays in its decisions regarding the approval of exchange-traded funds (ETFs) for both XRP and Dogecoin (DOGE). This news comes as analysts had been anticipating such delays, aligning with their market observations.
Key Dates for Decisions
The SEC has set new deadlines for the respective ETFs, with decisions expected on June 15 for the Bitwise DOGE ETF and June 17 for the Franklin XRP Fund. The agency indicated that it is preparing to take these extended timelines to thoroughly evaluate the proposed rule changes associated with these ETFs.
According to the SEC’s regulations, the commission typically has a 45-day window from the announcement of a proposed rule change to either approve, deny, or initiate a process for further deliberation. However, this period can be extended up to 90 days if the commission believes additional time is required to consider the complexities and implications of the changes being proposed.
Market Implications and Analyst Insights
James Seyffart, an analyst from Bloomberg Intelligence, voiced expectations regarding this delay, noting that many of these ETF filings have their final deadlines around October 2025 or later. He further emphasized the likelihood of further delays concerning other cryptocurrency ETFs, including filings related to Ethereum staking and additional projects within the Solana and Hedera/HBAR ecosystems.
“We also had the SEC delay decisions on Ethereum Staking and Dogecoin ETFs today. I am expecting more delays today or at least this week on some Solana and Hedera/HBAR ETF filings,” Seyffart noted on social media, highlighting a cautious but strategic approach by the SEC in addressing these filings.
Market Reaction
As of the latest trading data, both XRP and Dogecoin exhibited minimal fluctuations in their values over the past 24 hours amidst generally flat price actions in major cryptocurrencies like Bitcoin. The current trading figures indicate XRP at approximately $2.24 and DOGE at about $0.176, showcasing relatively stable performance despite the regulatory uncertainties.
This announcement of delays is part of broader ongoing regulatory scrutiny surrounding cryptocurrency assets and their integration into financial markets, as authorities aim to provide clear guidelines while ensuring investor protection.
Conclusion
The SEC’s decision to postpone rulings on the XRP and DOGE ETFs reflects its commitment to a comprehensive review process. As stakeholders in the cryptocurrency space await the outcomes of these evaluations, the market remains attentive to the evolving regulatory landscape.
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