SEC Kicks the Can Down the Crypto Road—XRP and Dogecoin ETFs Left in Limbo

Regulators hit snooze on two of crypto’s most divisive ETF proposals—because nothing says ’market integrity’ like bureaucratic delay tactics.

XRP and DOGE investors left twiddling thumbs as the SEC extends its trademark ’wait-and-see’ strategy. Meanwhile, Wall Street’s old guard quietly stacks Bitcoin ETFs like poker chips.

Funny how the ’protect retail investors’ mantra only applies to assets that threaten legacy profit centers. The delay playbook grows predictable—just like the eventual approvals when pressure mounts.

• SEC extends deadlines for XRP and Dogecoin ETF decisions.
• Grayscale and 21Shares lead the charge for altcoin ETFs.
• Altcoin ETFs surge after Bitcoin ETF’s massive success.

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on multiple cryptocurrency exchange-traded fund (ETF) proposals. This includes separate ETFs for XRP and Dogecoin, as well as other altcoins such as Solana. Earlier this year, asset managers 21Shares and Grayscale had applied to launch these funds. The SEC has delayed the decision to review whether the ETFs proposals adhere to regulations.

The delay comes after the SEC postponed approval decisions on other altcoin-based ETFs. The altcoin ETF proposals were filed after the success of Bitcoin ETFs which was approved in early 2024. Bitcoin ETFs have attracted over $126 billion in assets. The SEC remains cautious in the approval of altcoin ETFs. This has prompted the SEC’s recent decision to extend deadlines for Solana ETFs.

SEC Dims Market Hope For XRP and Dogecoin ETFs

The SEC’s decision on XRP and Dogecoin has drawn a lot of attention from the market. XRP, fourth-largest cryptocurrency in market capitalization, has experienced increased institutional interest. Meanwhile, Dogecoin, a meme coin, has seen increased interest from the market. The two cryptocurrencies are yet to get approval for their ETF proposals.

21Shares filed a proposal for an XRP ETF in 2023. Grayscale seeks to convert its dogecoin Trust into an ETF. The two firms hope to capitalize on the growing demand for alternative crypto investment options. Grayscale’s conversion of its Dogecoin Trust into an ETF would allow greater flexibility and investor access.

SEC Continues Altcoin  ETF Delays

Moreover, several other altcoins have filed their ETF proposals. The SEC continues to review applications for ETFs that track Solana, Litecoin and Polkadot. While Bitcoin and ethereum funds have been approved, altcoin funds face stricter regulations. The delay on these funds comes amid rising interest in assets like Litecoin, which analysts predict could be one of the first altcoins to be approved.

The SEC’s reaction to the XRP and Dogecoin ETF proposals is part of a broader industry trend. The commission has adopted a more friendly approach to cryptocurrency. The decisions on these ETFs are expected to be made by the end of the year.

Experts remain optimistic about the future of crypto ETFs. James Seyffart, an ETF analyst at Bloomberg, indicated that early approvals are unlikely. He believes that most approvals will likely occur in late 2025 or early 2026. However, with increased regulatory clarity, the market keeps a close eye on the approval process of altcoin ETFs.