- SEC delays five crypto ETF applications including XRP, ETH, SOL, DOGE, and HBAR to mid-June and beyond.
- Analysts say final ETF approvals are unlikely before Q4 2025, citing new Chair Paul Atkins’ internal reviews.
- Updated ETF calendar shows XRP and SOL decisions due in October–November; ETH staking ETF still under review.
The U.S. Securities and Exchange Commission (SEC) has pushed back its decisions on five high-profile cryptocurrency ETF applications, according to regulatory filings dated April 29.
The postponed applications include:
- Franklin Templeton’s spot XRP and Solana ETFs
- Grayscale’s spot Hedera ETF
- Bitwise’s spot Dogecoin ETF
- Fidelity’s spot Ethereum ETF (which includes staking features)
These delays align with the SEC’s statutory review structure, which allows it to extend the review period from 45 to 90 days to evaluate proposed rule changes
XRP and Dogecoin ETF Deadlines Extended to Mid-June
The agency has rescheduled its decision on Bitwise’s Dogecoin ETF to June 15, while the next review for Franklin’s XRP ETF is set for June 17. Both are now in their second procedural window, under the 19b-4 process that governs ETF rulemaking timelines.
Under this process, the SEC can delay ETF decisions across four statutory checkpoints—45, 90, 180, and 240 days—before delivering a final verdict or initiating proceedings.
Related: SEC Review Underway for Cboe’s In-Kind Crypto ETF Filings
The extensions are meant to give regulators more time to weigh the impact of these ETFs on market structure, investor protection, and risk transparency.
Analysts Say More Delays Likely Ahead of Final Deadlines
Bloomberg Intelligence analysts James Seyffart and Eric Balchunas responded to the news, calling the extensions expected and procedural.
Seyffart noted that most of the final ETF deadlines fall in Q4 2025, indicating more interim delays are likely. Balchunas added that final approvals or denials are not expected until new SEC Chair Paul Atkins completes internal strategy reviews.
Related: SEC Extends Review for Polkadot, Hedera, and Bitwise Crypto ETF Proposals
ETF approvals often hinge on internal agency alignment and external consultations, which can extend the timeline beyond the statutory minimum.
Full Q4 ETF Calendar for XRP, Solana, Hedera, Dogecoin, and Ethereum
According to Bloomberg Intelligence’s updated ETF calendar, the following deadlines are now in place:
- Franklin Templeton Spot XRP ETF: Final decision by November 5, 2025
- Franklin Templeton Spot Solana ETF: Final decision by October 7, 2025
- Grayscale Spot Hedera ETF: Final decision by October 8, 2025
- Bitwise Spot Dogecoin ETF: Final decision by October 8, 2025
- Fidelity Spot Ethereum ETF (with staking): Still under active review following April’s procedural completion.
As these timelines advance, market participants and issuers are expected to adjust positioning ahead of Q4, when key approvals or denials could shift momentum in altcoin-based ETFs.
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