SEC Kicks the Can Down the Crypto Road—Again

Dogecoin and XRP ETFs left in regulatory purgatory as Wall Street’s favorite ’wait-and-see’ strategy strikes again.

No deadlines, no clarity—just classic bureaucratic limbo while traders scream into their meme-stock group chats.

Bonus jab: At this rate, the SEC will approve a Bitcoin ETF around the same time your grandkids inherit your cold wallet.

SEC is taking a different approach under the Trump administration

Regulatory attitudes have swung over the past two U.S. administrations. During former President Joe Biden’s term, the commission, after losing a key court fight, cleared the first spot Bitcoin ETFs in January 2024 and approved spot Ethereum ETFs in May 2025.

Since Donald Trump returned to the White House in January 2025, the agency has closed several lawsuits against crypto firms and hosted public roundtables to talk about future rules for the industry.

Market watchers say that history means further pauses should not surprise investors. Bloomberg Intelligence ETF analyst James Seyffart wrote on X that the commission ‘usually takes the full time allotted to respond.’

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.

— James Seyffart (@JSeyff) May 20, 2025

‘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,’ Seyffart posted on Tuesday.

He added that final deadlines for almost all pending filings land in October, making any quicker answer ‘the action that’s out of the norm, no matter how crypto-friendly this SEC is.’

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