TLDR
- SEC delays Franklin’s XRP ETF decision to June 17, 2025.
- Bitwise Dogecoin ETF decision pushed to June 15, 2025.
- Both XRP and DOGE ETF proposals remain under SEC review.
- SEC extends deadlines, citing need for more evaluation time.
- Final decisions expected on mid-June for both crypto ETFs
The U.S. Securities and Exchange Commission (SEC) has extended its decision-making deadline for the proposed XRP exchange-traded fund (ETF) filed by Franklin Templeton. The filing, submitted through the Cboe BZX Exchange on March 13, 2025, seeks approval to list and trade shares of the Franklin XRP Fund under BZX Rule 14.11(e)(4), which governs Commodity-Based Trust Shares.
🚨NEW: The @SECGov has delayed making a decision on Franklin Templeton’s $XRP spot ETF until June 17.https://t.co/3EeRWBzBmg pic.twitter.com/BYfZJw5qWl
— Eleanor Terrett (@EleanorTerrett) April 29, 2025
The proposed rule change was initially published for public comment in the Federal Register on March 19, 2025. Under Section 19(b)(2) of the Securities Exchange Act of 1934, the SEC is generally required to act on such filings within 45 days, setting an original deadline of May 3, 2025. However, the Commission has exercised its authority to extend the review period, citing the need for additional time to evaluate the proposal and the related issues.
The new deadline for the SEC to either approve or initiate proceedings to determine whether to disapprove the XRP ETF is now set for June 17, 2025. Franklin Templeton, which manages over $1.5 trillion in assets, is the largest institutional entity so far to pursue an XRP-based ETF product.
Bitwise Dogecoin ETF Decision Also Pushed Back
In a parallel development, the SEC has also postponed its decision on the Bitwise Dogecoin ETF. The application, filed by NYSE Arca on March 3, 2025, proposes to list and trade the ETF shares under Rule 8.201-E for Commodity-Based Trust Shares. This rule governs similar crypto-backed financial products.
🚨NEW: The @SECGov has delayed making a decision on @BitwiseInvest’s $DOGE ETF application until June 15.https://t.co/zDrdykkqfm pic.twitter.com/yygY5ZXj8D
— Eleanor Terrett (@EleanorTerrett) April 29, 2025
The notice of the proposed rule change published in the Federal Register on March 17, 2025, gave the SEC an initial deadline of May 1, 2025, to respond. However, consistent with regulatory procedures under the Securities Exchange Act, the Commission has extended the review period for the Dogecoin ETF as well. The SEC has now scheduled June 15, 2025, as the new deadline to make a final decision or begin proceedings regarding the Bitwise proposal.
According to the SEC, the extensions for both ETFs allow enough time to evaluate the applications and the legal and market-related considerations involved.
Continued Regulatory Scrutiny of Crypto ETFs
The extensions signal ongoing regulatory scrutiny surrounding cryptocurrency-based ETFs. While several asset managers have submitted filings for ETFs linked to digital assets such as Bitcoin, Ethereum, Solana, XRP, and Dogecoin, the SEC continues to apply a cautious approach in granting approvals.
The Commission’s use of extended deadlines reflects its intent to carefully assess market stability, investor protection, and compliance with securities laws before approving such products. The Franklin XRP Fund and Bitwise Dogecoin ETF now await the SEC’s next decision dates in mid-June.
Until then, both proposals remain under review, and their outcomes could potentially impact the future trajectory of crypto-related investment products in the United States.
