The U.S. Securities and Exchange Commission has extended the review periods for two cryptocurrency-related exchange-traded funds (ETF) proposals, signalling continued caution by the agency toward digital asset products. The revised deadlines affect proposed listings for a Dogecoin ETF by Bitwise and an XRP fund by Franklin Templeton.
In a recent notice, the SEC said it will take additional time to evaluate the New York Stock Exchange Arca’s application to list the Bitwise Dogecoin ETF, setting a new decision date of June 15, 2025. Similarly, it has extended the review for Cboe BZX Exchange’s proposal to list the Franklin XRP Fund, pushing that deadline to June 17, 2025.
The agency cited the need for sufficient time to consider the rule changes and issues raised by stakeholders during the public comment period.
Further Delays for Solana and Hedera ETFs
In addition to Dogecoin and XRP filings, the SEC has also paused its decision-making process on several other proposed spot crypto ETFs. These include the Franklin Spot Solana ETF and the Grayscale Spot Hedera ETF. Both filings are now facing longer timelines, with most final decisions anticipated no earlier than October 2025.
James Seyffart, ETF analyst at Bloomberg Intelligence, noted that further delays are likely for pending Solana and Hedera products. The SEC has not provided specific reasoning beyond its routine procedural language, but the extended timelines reflect the agency’s ongoing scrutiny of crypto-related investment vehicles.
Crypto ETF Landscape Remains Uncertain
The latest delays come amid heightened interest in spot cryptocurrency ETFs following the SEC’s earlier approvals of spot Bitcoin ETFs in January. However, the agency continues to treat non-Bitcoin digital asset products with greater caution, often extending review periods to allow more time for assessment.
While the market awaits regulatory clarity, issuers remain in limbo. The SEC’s latest extensions highlight the uncertain regulatory environment for digital asset ETFs, particularly those tied to alternative tokens like Dogecoin, XRP, Solana and Hedera.
As of now, there is no indication of when or if the agency may approve ETFs beyond Bitcoin. Until then, issuers are expected to face continued delays as the SEC evaluates market integrity, investor protection measures, and concerns over potential market manipulation.
