SEC Delays Decisions on XRP, Dogecoin, and Staking Ethereum ETFs
Regulatory decisions concerning exchange-traded funds linked to prominent cryptocurrencies like XRP and Dogecoin have been deferred by the U.S. financial regulator. This move by the Securities and Exchange Commission (SEC) signals further evaluation periods for these proposed investment products, impacting various applications awaiting approval.
The SEC announced on Tuesday its decision to delay rulings on several pending ETF proposals. Among those affected are filings for the 21Shares Core XRP Trust, the Grayscale XRP Trust, and the Grayscale Dogecoin Trust. The agency has initiated formal proceedings to gather public input on these specific applications, indicating a need for deeper consideration of the associated legal and policy implications. The commission stated that opening these proceedings does not prejudge the ultimate outcome of its review.
In parallel action, the SEC also postponed its decision on a proposal from Bitwise for a spot Ethereum ETF that includes a staking component. This delay underscores the regulator’s cautious approach to approving cryptocurrency-based investment vehicles, particularly those introducing novel features like staking rewards.
Historically, the SEC has frequently utilized the full extent of the legally permitted review period for complex financial product applications, which can extend up to 240 days. This pattern suggests that delays are a standard part of the regulatory process rather than necessarily indicating rejection.
Regulatory stances toward the crypto sector have evolved across different U.S. administrations. Following a significant legal setback, the SEC under former President Joe Biden approved the first spot Bitcoin ETFs in early 2024, followed by spot Ethereum ETFs in May 2025. More recently, under the current administration, the agency has reportedly concluded some enforcement actions against crypto firms and engaged in public discussions regarding future industry regulations.
Market observers widely anticipated these postponements. James Seyffart, an ETF analyst at Bloomberg Intelligence, noted on X (https://twitter.com/JSeyff) that the commission typically takes the maximum time allowed to issue its responses. He added that while some approvals could potentially come sooner, likely in late June or early July at the earliest, the final statutory deadlines for the majority of pending spot crypto ETF applications fall in October. Any approval granted significantly ahead of these October deadlines would be considered an unusual occurrence, regardless of the prevailing regulatory sentiment towards cryptocurrencies.
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