The U.S. Securities and Exchange Commission (SEC) Delays Decisions on Spot Crypto ETFs
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on several spot crypto ETFs. These delays affect ETFs linked to Dogecoin, XRP, Solana, Hedera, and Ethereum staking. Analysts, however, believe that approvals may still come in the second half of 2025. They are calling the upcoming period “Crypto ETF Summer.”
The SEC announced on April 29 that it would postpone decisions on Bitwise’s Dogecoin ETF and Franklin Templeton’s proposed XRP ETF. Both proposals will be reconsidered in mid-June. In addition to these, the agency delayed rulings on several other applications, including Franklin Templeton’s Solana ETF and Grayscale’s HBAR ETF.
The commission also extended its review of proposed changes to allow staking in Ethereum ETFs submitted by Franklin and Fidelity. Additionally, it delayed decisions on in-kind creation and redemption mechanisms tied to Invesco Galaxy’s Bitcoin and Ethereum ETFs. Delays such as these are common in the SEC’s review process, which typically includes multiple decision windows before a final determination is reached.
Analysts Expect Approvals by Late June or Early July
Despite the delays, analysts remain hopeful. Nate Geraci, President of The ETF Store, wrote on X that he still expects approvals this year. Scott Johnsson, General Partner at Van Buren Capital, agreed. He said the “party starts end of June/early July.” He expects an “avalanche of approvals” to follow.
These comments have led to the phrase “Crypto ETF Summer” trending among market watchers. The term refers to the potential launch of multiple ETFs during the summer months.
Several firms are trying to launch new crypto ETFs. Bitwise, Franklin Templeton, Grayscale, 21Shares, CoinShares, and Canary Capital have all filed paperwork. Their ETF proposals are based on coins like Solana, Litecoin, and Cardano. This wave of filings comes after the success of spot Bitcoin ETFs approved last year. It also shows optimism tied to recent changes in the U.S. political climate. President Donald Trump’s administration has shown more support for cryptocurrencies. This has encouraged asset managers to pursue new crypto-related financial products.
Will DOGE and XRP ETFs Attract Real Investment?
However, experts are unsure whether altcoin ETFs will attract large inflows. Dogecoin and XRP are both in the top 10 most-traded cryptocurrencies. DOGE ranks eighth, and XRP ranks fourth by market cap. However, popularity does not guarantee ETF success. Ethereum is the second-largest cryptocurrency, but its ETFs did not attract strong demand. This raises questions about future interest in DOGE and XRP ETFs.
Scott Johnsson noted that he is watching index-based products and staking features more closely. He mentioned Solana as an asset of interest, citing the absence of a Grayscale unlock overhang as a possible factor supporting its appeal.