- The SEC has pushed its decision on Franklin Templeton’s spot XRP ETF to mid-June 2025.
- Bitwise’s Dogecoin ETF decision was also delayed, with a new review date set for June 15.
- More than 70 crypto ETF applications, including Solana and Litecoin, await SEC review.
The U.S. Securities and Exchange Commission (SEC) has postponed decisions on two major cryptocurrency ETF proposals. The regulator announced it would need more time to review applications related to XRP and Dogecoin. These delays were disclosed in official filings released on April 29.
According to the notices, the SEC’s deadline to decide Franklin Templeton’s proposed spot XRP ETF has been pushed to June 17, 2025. The ETF, dubbed the Franklin XRP Fund would essentially be tracking the spot price of XRP and holding the assets in custody for the ETF through Coinbase. The shares would be publicly traded at the Cboe BZX Exchange.
ETF Analyst James Seyffart noted the new date is one of several intermediate deadlines. The final decision on the XRP ETF could come as late as October 18, 2025. Seyffart emphasized that the SEC could still respond earlier, depending on how actively it engages with applicants.
DOGE ETF Application Also Delayed
The SEC has similarly withheld action on Bitwise’s proposed Dogecoin ETF. The agency set June 15, 2025, as the next review date for the DOGE-linked fund. The filing came through NYSE Arca in March 2025.
Both proposals are part of a broader wave of crypto ETF applications submitted this year. As of late April, more than 70 crypto-related ETFs were awaiting SEC review. These include products linked to Solana, Litecoin, Hedera and various meme coins.
The proposed DOGE ETF is the first attempt to bring a memecoin to the regulated U.S. ETF space. Dogecoin is one of the most popular traded meme coin globally. It has a market capitalization of $26 billion. The market cap for XRP is around $133 billion.
Background and Market Impact
On March 13, Franklin Templeton submitted its application for a spot XRP exchange-traded fund (ETF). Then the proposal appeared in the Federal Register on March 19. Under SEC regulations, the agency can take up to 240 days to complete its review of an ETF proposal. Typically, this extension authority ends up with multiple delays before a final decision. The fund would use the CME CF XRP-Dollar Reference Rate to calculate its net asset value. Coinbase Custody would hold the XRP and shares would be traded through the Cboe BZX platform.
Meanwhile, Bitwise’s DOGE ETF proposal has also piqued people’s interest for their attempts at bringing memecoin exposure to traditional markets. Same day, Nasdaq submitted a filing for a Dogecoin ETF backed proposed by 21Shares.
Response and Outlook
Market participants have mixed reactions over the SEC’s cautious stance. Some believe the delay is standard, others are frustrated by the lack of certainty. Bloomberg analyst referred to ETF approval as music distribution. He said that being listed is no guarantee of success, but it opens up more market access.
President Donald Trump’s pro-crypto position has influenced expectations. Under his administration, many anticipate the SEC’s new leadership to adopt a more favorable posture toward digital assets. Despite the delays, some insiders believe the XRP ETF is likely to be approved eventually.
The SEC under new Chair Paul Atkins has shown signs of reviewing altcoin ETFs more quickly than during the previous administration. However, exchanges like Nasdaq have also urged the SEC to keep a strict compliance standard. On April 25, in a letter, Nasdaq asked the SEC to treat some digital assets as securities where appropriate. Investors and issuers now await further decisions, with the next set of deadlines arriving in mid-June.
