SEC Hits Pause on Dogecoin and XRP ETFs—Wall Street’s Crypto Gold Rush Hits Red Tape

The SEC just slammed the brakes on meme coins’ Wall Street ambitions—again. While Bitcoin and Ethereum ETFs trade freely, regulators keep Dogecoin and XRP trapped in application purgatory. Here’s why the delay game matters.

The Paperwork Black Hole

Over 20 crypto ETF applications now gather dust at the SEC. Analysts whisper the commission’s dragging its feet to avoid setting precedent for ’non-core’ assets. Translation: bureaucrats hate explaining meme stocks to Congress.

Crypto’s Institutional Catch-22

Every delayed ETF reinforces crypto’s wild-west reputation—exactly what institutions need ETFs to fix. Meanwhile, hedge funds quietly accumulate positions off-exchange, because nothing says ’regulated market’ like OTC dark pools.

Regulators fret about volatility? Please. This is the same agency that greenlit triple-leveraged oil ETFs during the 2020 crash. The real issue? Admitting that Dogecoin’s $10B market cap might—just might—deserve a seat at the adults’ table.

Bloomberg analyst Eric Balchunas likened it to bands hoping to get their music on streaming platforms: it’s visibility, not a guarantee of success.

Political pressure is mounting too. Donald Trump has been pushing regulators to ease up on crypto, but despite this, even exchanges like Nasdaq are urging the SEC to enforce stricter oversight, especially when tokens resemble traditional securities.

Whether any of these altcoin ETFs actually make it to market—and find an audience—remains to be seen.