Based on the latest reports, the U.S. Securities and Exchange Commission (SEC) has delayed its decision on proposed spot exchange-traded funds (ETFs) for XRP and Dogecoin, pushing the timeline further into 2025. The new deadlines are June 15 for Bitwise’s Dogecoin ETF and ‘June 17 for Franklin Templeton’s XRP fund.
This XRP and Dogecoin ETF delay was quite expected by the industry as the Commission can extend review periods up to 240 days, since it is procedural. Analysts say the real decision will come in October 2025 when the final deadlines for both applications expire.
What the Delay Means for Crypto ETFs in 2025
The SEC’s ETF delay comes as no surprise. According to its statutory mandate, the agency has 45 days from the date of publication in the Federal Register to act on a rule change proposal. The initial period can be extended first to 90 days and then to 240 before a final decision is required.
In separate filings published April 30, the SEC said it was extending the review period to “allow sufficient time to consider the proposed rule change and the issues raised therein.” This is the same language used in past filings for spot Bitcoin and Ethereum ETFs.
The proposals under review are: Bitwise Dogecoin Trust, the first U.S.-listed ETF to offer direct exposure to DOGE and Franklin XRP Trust, a spot ETF that will hold XRP tokens as the underlying asset.
Both funds seek to list and trade on U.S. exchanges, giving retail and institutional investors a regulated way to get exposure to the underlying cryptocurrencies.
Analyst Reaction: Delay Was “Fully Expected”
Bloomberg ETF analyst James Seyffart commented on X, saying “this was fully expected”. He noted the SEC will likely use most of its time before making a final decision.
“This is expected IMO. Final deadlines for most of this stuff is in October 2025 or later.” Seyffart wrote.
This is the consensus among ETF analysts: delays are procedural, not rejection or approval bias. We saw this same pattern with spot Bitcoin ETFs, many of which had multiple delays before approval in January 2024.
Market Reaction: XRP and DOGE Unfazed
Despite the ETF delay, neither XRP nor Dogecoin moved much. XRP was at $2.27 at the time of the filing and DOGE was at $0.16, both flat on the day.
This lack of movement suggests markets had already priced in the delay. Unlike in past years where ETF approval uncertainty would cause volatility, today’s investors seem to have gotten used to the SEC’s pace. Bitcoin and Ethereum also remained unchanged.
Why the SEC is Being Cautious
Though the SEC has been criticized for delaying crypto ETF decisions, it’s because of a few persistent issues: The agency wants to see evidence that these crypto markets are free from manipulation especially since DOGE and XRP trend based on celebrity endorsements or social media hype. Unlike Bitcoin, where institutional custody is mature, securing XRP and DOGE at a fund level is a unique operational risk.
Additionally, the SEC’s lawsuit against Ripple Labs alleging XRP was an unregistered security adds complexity even though Ripple won a partial victory in 2023.
Analysts say these issues may be addressed by the time October’s deadlines arrive especially with Chair Paul Atkins now leading the agency in a more crypto friendly direction.
The Road Ahead: Q4 2025 Deadlines
According to ETF tracking analysts, the final deadlines are: Bitwise Dogecoin ETF: October 13, 2025 and Franklin XRP ETF: October 17, 2025
If the SEC doesn’t make a decision by then, the applications will automatically lapse unless refiled. Until then, the agency can issue one or more additional delay notices. The pattern is for the SEC to act at the last legal moment.
FAQs
Why did the SEC delay the XRP and Dogecoin ETFs?
The SEC extended the review period to give more time to consider the proposed rule changes, which is allowed by law. This is a normal process.
What are the new deadlines?
June 15 for Bitwise’s Dogecoin ETF and June 17 for Franklin Templeton’s XRP ETF.
Does this mean rejection is likely?
ETF analysts consider the delays procedural and expected. Decisions are due October 2025.
Has any country approved an XRP or DOGE ETF yet?
Brazil approved and launched the world’s first XRP spot ETF on the B3 stock exchange.
Glossary
ETF (Exchange-Traded Fund): A regulated ‘fund that tracks the price of an underlying asset or group of assets and trades on public exchanges like a stock.
Spot ETF: An ETF that holds the actual underlying asset (e.g. XRP or DOGE) ‘instead of tracking it via futures contracts.
Open Interest (OI): Total ‘outstanding derivative contracts (e.g. futures). Not applicable to spot ETFs but often tracked in related markets.
SEC (Securities and Exchange Commission): The US federal agency that oversees securities markets and regulates investment products like ‘ETFs.
Market Manipulation: The act of artificially affecting an asset’s price or volume, a big concern in crypto markets given their ‘susceptibility to external hype.
Sources
CoinDesk – SEC Delays XRP, DOGE ETF Decisions
CryptoSlate – SEC Delays Multiple Crypto ETFs
Disclaimer: This article is for informational ‘purposes only and not financial or legal advice. Investing in cryptocurrency and ETFs involves risk. Always consult a licensed financial advisor before making investment decisions.
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