- The SEC delayed five crypto ETF decisions for XRP, Solana, Dogecoin, Ethereum, and Hedera.
- New dates were set for DOGE and XRP ETFs; most final decisions are expected in Q4 2025.
- The delays follow standard SEC procedures and do not signal rejection.
The U.S. Securities and Exchange Commission pushed back its decisions regarding five applications targeting cryptocurrency ETFs through their April 29 decision.
The filings include, Franklin Templeton proposed XRP and Solana ETF, while Grayscale proposed the Hedera ETF, Bitwise pursued Dogecoin, and Fidelity made an ETF submission linked to Ethereum staking.
These proposed applications currently go through the 19b-4 review process at the SEC. The 19b-4 regulatory process includes several choice deadlines that begin after the official Federal Register publishing at 45 days and extend to 240 days.
The SEC provided lengthened review durations for each submitted application. According to their statement, the SEC received additional review time to complete their rule change evaluation properly. The SEC employees agreed that the time extensions served adequately to inspect all relevant aspects and regulatory matters addressed by the applications.
SEC Sets New June Deadlines for DOGE and XRP ETFs
In addition, two separate documents from the Commission show their plans to deliver updates about Bitwise’s Dogecoin ETF before June 15. The Franklin Templeton XRP ETF review will reach its next evaluation on June 17.
The authorized extension periods under the 19b-4 rule change procedure include these newly established June deadlines. However, Security and Exchange Commission officials validated these dates in official documents submitted on April 29 and noted procedural requirements and continuing review processes.
On April 29, James Seyffart and Eric Balchunas of Bloomberg ETF commented about the delays. Seyffart predicted the delayed timeframes because most end dates in Q4 2025 comprise most of the schedule. According to his analysis, there might be further postponement because the SEC continues to handle 72 pending cryptocurrency ETF applications.
Balchunas expected that the SEC would not start its approval process until Paul Atkins officially became Chair of the agency. The regulatory bodies and Bloomberg Intelligence have verified that Chair Paul Atkins started his role when he officially accepted his position.
The analysts noted previous experiences involving Bitcoin and Ethereum ETFs, whose approval methods took significant time to process. Bloomberg verified on April 29 that the SEC has yet to finalize any of the five pending applications.
Q4 Deadlines Locked for Most ETF Proposals
The ETF calendar compiled by Bloomberg Intelligence specifies all the final submission dates for proposed ETFs. According to the documentation, the Franklin Templeton XRP ETF requires an approval decision by November 5, 2025.
In addition, The Solana ETF issued by the same provider awaits its final decision until October 7. The officials in charge of determining the fate of the Grayscale Hedera ETF and the Bitwise Dogecoin ETF have established October 8 as their final decision date. The Fidelity Ethereum ETF has remained under review since its approval process in April 2025 due to its staking features.
