- SEC delays XRP and Dogecoin ETF decision, seeking further examination.
- Application review by 21Shares and Grayscale extended, examining fraud prevention.
- Market remains steady despite the SEC’s postponement of ETF decisions.
The SEC’s delay in ETF decisions signals ongoing scrutiny, impacting potential new capital and investor confidence as markets remain stable.
The SEC officially extended review periods for spot crypto ETF applications by 21Shares and Grayscale, postponing decisions due by May 22. The regulatory body seeks further examination under Exchange Act Section 6(b)(5) for fraud prevention and investor protection. SEC Chair Paul Atkins, considered crypto-friendly, oversees this phase. 21Shares filed an XRP ETF to track a specific rate, with Coinbase Custody for storage, issuing shares in 10,000-share blocks. Grayscale’s Dogecoin ETF aims to follow a similar structure, based on CoinDesk’s index, having previously initiated a DOGE Trust.
Market reaction to the delay has been calm, as XRP and Dogecoin prices remain stable despite the SEC’s postponements.
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 Q4,” said James Seyffart, ETF Analyst at Bloomberg.ETF approvals could bring significant new capital into the crypto market. Both 21Shares’ and Grayscale’s EFTs are structured to offer institutional investors indirect exposure to crypto assets. The ongoing pattern of delays is part of a broader regulatory timeline. Chair Paul Atkins leads the evaluation of proposals, soliciting public comments. Bloomberg analysts suggest potential approvals by late 2025, aligning with regulatory trends. Next steps include evaluations set for June 2025 on related proposals, as the cryptocurrency industry closely watches. Approvals represent milestones for broader financial adoption, promising significant capital inflow and increased investor confidence.
| Disclaimer: The content on The CCPress is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions. |
