- SEC delays review for XR and DOGE ETFs.
- Public comments are being sought.
- Market anticipates approvals by late 2025.
SEC delays increase uncertainty, but industry expectations for eventual approval persist, maintaining market attention on crypto ETFs.
Review Period Extension
The SEC has opted to extend the review period for the proposed spot ETFs for XRP and DOGE, citing legal and policy issues. Grayscale and 21Shares are key applicants in this process. The US Securities and Exchange Commission opened these reviews to public comments, highlighting the complexity of these considerations. While 21Shares seeks to launch the 21Shares Core XRP Trust, Grayscale is pursuing approvals for its Grayscale XRP Trust and Grayscale Dogecoin Trust.
Market Impact and Projections
The immediate market impact remains limited, but potential ETF approvals could significantly affect liquidity and price discovery for XRP and DOGE. ETF analysts project decisions will not be likely before late 2025. Bloomberg’s James Seyffart remarked on expected SEC delays, projecting possible approval in the fourth quarter of 2025. He stated,
“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.”
Nate Geraci remains optimistic about eventual approval for all altcoin ETFs, including XRP and DOGE.
Historical Context and Regulatory Patterns
Historically, the SEC routinely extends review timeframes for spot crypto ETFs, reflective of complex regulatory assessments. The final outcomes for these ETF applications may shape regulatory approaches to cryptocurrency investments broadly. Market observers view these procedural delays as consistent with the regulatory agency’s pattern of comprehensive review. Seyffart noted that previous reviews, such as those for Bitcoin, took a full 240 days before decision-making. The broader cryptocurrency ecosystem remains vigilant as regulatory outcomes evolve.
