Breaking: SEC Delays Decision on Dogecoin and XRP ETFs

The US Securities and Exchange Commission (SEC) has delayed Dogecoin and XRP ETF applications from Grayscale Investments and 21Shares, respectively. This decision follows a pattern of related delays announced earlier this month as the commission seeks additional time to decide on the unconventional asset push. While this delay is not an outright denial, it adds to the growing speculation on the ETF for both assets.

Dogecoin and XRP ETFs Potential

According to the markets regulator, rather than the deadline slated for May 21-22 to further examine whether the proposals meet Exchange Act Section 6(b)(5) requirements for preventing fraud and protecting investors.

21Shares filed for the XRP ETF product in February, adding to its lineup of crypto ETF filings in the United States. This product is intended to be traded on the Cboe BZX Exchange and seeks to offer institutional investors indirect exposure to the top coin.

Just like 21Shares, Grayscale Investments filed for the spot Dogecoin ETF product following an initial DOGE Trust floated in January. The US SEC acknowledged the DOGE ETF filing in March, setting it on the official approval window.

Following the latest delay, the regulator plans to make its decision on the XRP ETF on June 17 this year. A similar decision was unveiled for the Dogecoin ETF from Grayscale Investments.

It is worth noting that despite these delays, the price outlook of both altcoins has not slipped. As of writing, XRP was changing hands for $2.355, up by 1.66% in 24 hours. Data from CoinMarketCap also pegged Dogecoin’s price at $0.2264 atop a 0.75% surge. 

Although both coins remain subject to current market volatility, they may play a part in the coming altcoin season. The likelihood of their approval by the US SEC is a major catalyst worth watching for both coins.

The Odds of Crypto ETF Approval

Earlier this week, the markets regulator delayed its decision on the Solana ETF application from Bitwise and 21Shares. This move confirmed that the commission is not targeting a single asset.

Commenting on this trend, Bloomberg Senior ETF Analyst James Seyffart said delays on these products are normal. Despite the near-date timeline for some XRP approvals, he noted that an early approval will be considered around June.

The analysts said the SEC generally takes full time to review and respond to the 19b-4 related to ETF filings. Despite the fact that Bitcoin and Ethereum ETF products have been running for more than a year, altcoin ETFs are expected to require careful consideration before approval.

However, since the confirmation of Paul Atkins as SEC Chairman, the confidence of approval based on his forward-thinking nature has improved.