SEC Delays DOGE, XRP, SOL ETF Rulings Until June 2025

The U.S. Securities and Exchange Commission (SEC) has extended its review period for multiple cryptocurrency ETF applications, with updated deadlines now set for mid-June 2025. Official filings released by the SEC on April 29 outline the postponements. The updated deadlines are structured as follows:

• June 15, 2025: Grayscale Hedera (HBAR) Trust and Bitwise Dogecoin (DOGE) ETF.

• June 16, 2025: Franklin Templeton’s Franklin Crypto Index ETF, staking permits for Fidelity Ethereum Fund and Franklin Ethereum ETF, and in-kind creations and redemptions permits of Invesco Galaxy Bitcoin ETF and Invesco Galaxy Ethereum ETF.

• June 17, 2025: Franklin Templeton’s Franklin XRP Fund and Franklin Solana ETF.

The filings provided no specific reasons for the delays, which align with the SEC’s standard review process for innovative investment vehicles. This cautious stance is consistent with the agency’s history of extending timelines for crypto-related ETFs beyond Bitcoin and Ethereum offerings. If additional comment periods are requested or further scrutiny is deemed necessary, the SEC could leverage its full 240-day review window, potentially delaying final rulings until October 2025 or later.

Market Reaction and Price Impact

Token price data reflects a muted response to the news, indicating that the delays were largely anticipated. By press time, XRP traded at $2.25 (down 1.8% in past 24 hours), SOL at $147.95 (up 0.2%), DOGE at $0.1758 (down 2.3%), and HBAR at $0.1883 (down 0.6%), showing no significant volatility, according to CoinGecko. Bloomberg ETF analyst James Seyffart described the SEC’s move as “expected IMO.” In his another post earlier, Seyffart noted:“It's expected as this is standard. This doesn't change our (relatively high) odds of approval. Also note that the final deadlines aren't until October for these.”

Nate Geraci, president of The ETF Store, reinforced this optimism on X, asserting that the delays do not diminish the likelihood of approvals within 2025. This confidence stems from expectations of a more crypto-friendly SEC under new Chair Paul Atkins. In his first public address last week, Atkins highlighted the “huge benefits” of digital assets and pledged to collaborate with lawmakers to craft a regulatory framework for cryptocurrencies.

While a friendlier regulatory tone is anticipated, the agency is not rushing to approve crypto ETFs without scrutiny. The recent delays provide additional time to evaluate compliance and market risks, particularly for altcoins with limited liquidity or regulatory clarity. U.S. exchanges, including Nasdaq, have also urged the SEC to maintain strict standards. In a comment letter dated April 25, 2025, Nasdaq encouraged the agency to regulate digital assets akin to securities if they function as “stocks by any other name,” emphasizing investor protection and market integrity.

Despite these hurdles, institutional interest in altcoin-linked ETFs continues to surge. Bloomberg’s analyst Eric Balchunas reported that over 70 crypto ETF proposals are currently pending SEC review, driven by optimism surrounding digital assets. In another post, he likened the trend to “a band getting its songs added to all the music streaming services”—a strategic move to maximize accessibility, even if widespread adoption isn’t guaranteed.