SEC Delays Decisions on Bitwise and Franklin Templeton’s XRP and Dogecoin ETFs. The U.S. Securities and Exchange Commission (SEC) has postponed its decisions on two proposed cryptocurrency exchange-traded funds (ETFs) that would hold Dogecoin (DOGE) and XRP.
The filings respond to March proposals by NYSE Arca and Cboe BZX Exchange to list ETFs from Bitwise and Franklin Templeton. On the same day, Nasdaq filed to list a 21Shares Dogecoin ETF.
As of April 29, Dogecoin is the most heavily traded memecoin, with a market capitalization of approximately $26 billion, while XRP, the native token of the XRP Ledger blockchain, has a market cap of around $133 billion.
In 2025, the SEC has received requests to authorize dozens of altcoin ETFs for U.S. listing. As of April 21, approximately 70 crypto ETFs were awaiting the SEC’s review. Asset managers are proposing funds holding a wide range of cryptocurrencies, including XRP, Litecoin, Solana, and Dogecoin.
The surge in ETF applications follows a shift in the SEC’s leadership and regulatory stance. In January 2025, former SEC Chair Gary Gensler resigned, leading to a wave of crypto ETF filings from asset managers anticipating a more relaxed regulatory climate.
While the SEC’s delays are standard procedure, analysts suggest that investor interest in altcoin ETFs may be less robust compared to funds holding core cryptocurrencies like Bitcoin and Ether. Bloomberg analyst Eric Balchunas likened the approval of a crypto ETF to a band getting its songs on streaming services: “Doesn’t guarantee listens but it puts your music where the vast majority of the listeners are.”
The SEC’s decisions on these and other crypto ETFs are anticipated in the coming months, with final deadlines potentially extending into October.
