SEC Pushes Back on XRP and DOGE ETFs
The US Securities and Exchange Commission (SEC) has postponed its decision on whether to approve two proposed cryptocurrency exchange-traded funds (ETFs) holding Dogecoin (DOGE) and XRP. The regulator has extended its deadline for ruling on the proposed ETF listings to June, according to filings reviewed by Cointelegraph.
These delays follow requests from US exchanges NYSE Arca and Cboe BZX Exchange in March to list Bitwise’s DOGE ETF and Franklin Templeton’s XRP ETF, respectively. The SEC’s decision on these ETFs is highly anticipated, as it could significantly impact the broader crypto market.
A Flood of ETF Proposals
The SEC has been inundated with requests to authorize dozens of altcoin ETFs for US listing since 2025. As of April 21, approximately 70 crypto ETFs were awaiting the SEC’s review. Asset managers are proposing funds holding a wide range of cryptocurrencies, including Solana, Litecoin, and even memecoins like Dogecoin and “2x Melania.”
This surge in proposals comes as US President Donald Trump has urged the SEC to adopt a more accommodating stance toward cryptocurrencies. However, analysts warn that investor demand for altcoin ETFs may be less robust compared to funds holding core cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
“Having your coin get ETF-ized is like being in a band and getting your songs added to all the music streaming services,” said Eric Balchunas, a Bloomberg analyst. “Doesn’t guarantee listens but it puts your music where the vast majority of the listeners are.”
Navigating the Regulatory Landscape
While US exchanges are embracing crypto ETFs, they are also calling for stricter regulatory oversight of digital assets. In an April 25 comment letter, Nasdaq urged the SEC to hold digital assets to the same compliance standards as securities, stating that they should not be considered “stocks by any other name.”
The SEC’s delayed decisions on the XRP and DOGE ETFs highlight the complex regulatory landscape surrounding cryptocurrencies. As the US government grapples with how to best regulate the burgeoning crypto industry, the SEC’s stance on ETFs will likely have a significant impact on the future of crypto investing in the United States.
