The US Securities and Exchange Commission (SEC) has delayed its decision on whether to approve two altcoin-based exchange-traded funds (ETFs). One proposal seeks to list a Dogecoin ETF from Bitwise, while the other involves a XRP ETF from Franklin Templeton.
According to documents the filings were responses to March requests from NYSE Arca and Cboe BZX Exchange. The SEC has extended its review period until June 2025. The agency did not provide a specific reason for the delay, which falls under its routine extension authority.
The postponement came on the same day that Nasdaq submitted a separate request to list a 21Shares Dogecoin ETF. That brings three major exchange proposals involving altcoin ETFs into the spotlight within a short period.
Dogecoin and XRP ETFs Aim to Expand Access Through Regulated Listings
The proposed Dogecoin ETF by Bitwise and XRP ETF by Franklin Templeton are part of a broader wave of crypto fund applications. As of April 29, CoinGecko reported that Dogecoin (DOGE) had a market capitalization of about $26 billion. XRP, the native token of the XRP Ledger, was valued at approximately $133 billion on the same date.
These ETFs would allow investors to gain exposure to Dogecoin and XRP through traditional financial channels. The filings follow earlier ETF approvals tied to Bitcoin and Ethereum, which are already trading on US exchanges.
The Dogecoin ETF and XRP ETF applications reflect asset managers’ efforts to diversify crypto-linked products while navigating regulatory review. No final decision has been issued yet for either fund.
SEC Crypto Filings Surpass 70 as Altcoin ETF Proposals Expand
In 2025, the SEC has received a growing number of crypto ETF filings. By April 21, approximately 70 applications were pending. The list includes proposals for ETFs holding XRP, Solana, Litecoin, Dogecoin, and lesser-known tokens such as Penguins and 2x Melania.
Eric Balchunas, a senior ETF analyst at Bloomberg, commented on X that issuers are now filing ETFs for “everything from XRP… to Doge and everything in between.” He explained that getting an ETF does not ensure investor inflows but places the asset “where the vast majority of the listeners are.”
These filings follow increasing political attention toward crypto regulation. President Donald Trump has publicly supported reducing restrictions on digital assets. That has coincided with more ETF proposals reaching US regulators.
Nasdaq Backs ETF Listings While Calling for Stricter Oversight
While Nasdaq supports the expansion of crypto ETFs, it also wants stronger compliance standards. In a comment letter dated April 25, the exchange urged the SEC to apply the same rules to digital assets that apply to traditional securities.
Nasdaq’s letter said that if a crypto asset operates as a security, it should be regulated as one. The exchange stressed that maintaining consistent oversight is key to protecting market stability and investor trust.
This request for clearer rules comes as exchanges continue to file listings such as the Dogecoin ETF and XRP ETF. With more altcoin ETFs pending, market participants await the SEC’s next round of decisions in June.
