SEC Delays Decision on XRP and Dogecoin Spot ETFs

• SEC Postpones Analysis of XRP and Dogecoin ETFs
• Grayscale and 21Shares Crypto ETFs Await Further Review
• Public comment period for ETFs has been extended

The United States Securities and Exchange Commission (SEC) has decided to postpone the review of applications for approval of three cryptocurrency-based spot exchange-traded funds (ETFs): 21Shares XRP ETF , Grayscale Dogecoin Trust and Grayscale XRP Trust .

The original decision, which was scheduled for May 21-22, was put on hold to allow for a more detailed assessment of compliance with the criteria required by Section 6(b)(5) of the Exchange Act. These criteria concern the prevention of fraudulent practices and the protection of investors, essential points for the approval of any new financial product in regulated markets in the United States.

According to the information released, the 21Shares Core XRP Trust intends to track the CME CF dollar-based XRP benchmark and use the custody services of Coinbase Custody. Meanwhile, Grayscale's Dogecoin ETF would track CoinDesk's Dogecoin price index, while the Grayscale XRP Trust would adopt the XRP price index also provided by CoinDesk. All of these funds would issue shares in batches of 10.000 units and hold only the respective corresponding digital asset as collateral.

The SEC clarified that the postponement is part of its normal review procedures and does not represent a definitive position on the applications. The regulator is allowing public comment for a period of 21 days after the official publication in the Federal Register, with the possibility of objections within 35 days.

Bloomberg ETF analyst James Seyffart said delays like this are “routine and expected.” He also noted that even with the possibility of approvals, the most realistic expectation would be around late June or early July, with a higher chance only in the fourth quarter of 2025.

Delays on spot crypto ETFs are expected. A bunch of XRP ETPs have dates in the next few days.

If we're gonna see early approvals from the SEC on any of these assets — I wouldn't expect to see them until late June or early July at the absolute earliest. More likely to be in early 4Q.

—James Seyffart (@JSeyff) May 20, 2025

The extension reflects the agency's caution in dealing with financial products linked to cryptocurrencies such as XRP and Dogecoin, amid a surge in similar requests in recent months.