SEC Postpones Judgment on Ripple and Dogecoin ETF Proposal Submissions
The US Securities and Exchange Commission (SEC) has held off on making a call on two cryptocurrency ETF applications – one pertaining to Dogecoin, presented by Bitwise, and another for XRP, filed by Franklin Templeton. Originally, the Dogecoin ETF was set to have a decision by mid-May, while the XRP ETF's fate was up for grabs by early May. However, the SEC has extended the review period, with new deadlines set for June 15 (Dogecoin ETF) and June 17 (XRP ETF).
The SEC's filing explains that this extension is to provide extra time for contemplation of the proposals and to tackle any regulatory concerns that might arise. In layman's terms, the SEC needs more time to thoroughly examine these ETFs and make an informed decision.
Eleanor Terrett of Fox Business, citing ETF expert James Seyffart, hints at additional delays until Q4 of this year. Beyond these two applications, reports suggest that the SEC has stalled several other crypto ETFs, such as a Solana fund from Franklin and Grayscale's Hedera ETF.
Interestingly, the agency recently approved three futures funds from ProShares, initially slated to launch on April 30. However, initial reports about their imminent launch were debunked, and the new launch date is now set for May 14.
The XRP ETF delay follows the approval of ProShares' futures funds, although it's worth noting that this doesn't necessarily indicate a rejection. Delays like these aren't uncommon during the decision-making process for digital asset products, as the SEC seeks to clarify its stance on these novel financial instruments.
Additional Information:
- The XRP ETF delay comes just a few days after the SEC's approval of three futures funds from ProShares. Originally, the financial vehicles were slated to launch on April 30, but this information was debunked earlier today, and the new launch date is now May 14.
- Analysts predict that the SEC will make decisions on multiple crypto ETFs by October 2025, with judgments on spot XRP and other crypto ETFs potentially around mid-October.
- In addition to ProShares' funds and the aforementioned two ETFs, the SEC has also delayed decisions on several other crypto ETFs, including a Solana fund from Franklin and Grayscale's Hedera ETF. However, specific information regarding Hedera's ETF is not available in the search results.
- Although the SEC has delayed decisions on Dogecoin and XRP ETF applications, recently, they approved three futures funds from ProShares, initially planned for launch on April 30, but later debunked and set for May 14.
- The XRP ETF's delay comes shortly after the ProShares' futures funds' approval, yet this doesn't guarantee a rejection for the XRP ETF; delays are common during the decision-making process for digital asset products as the SEC works to establish its stand on these novel financial instruments.
- According to analysts, the SEC may make decisions on multiple crypto ETFs by October 2025, possibly deciding on spot XRP and other crypto ETFs around mid-October.
- The SEC has also stalled several other crypto ETFs, such as a Solana fund from Franklin and Grayscale's Hedera ETF, yet specific information about Hedera's ETF isn't available.
- The SEC's approach to Blockchain technology and investing in crypto, through trading and ETFs, is under constant scrutiny and review, as evidenced by their extended consideration period for these financial products.
