The U.S. Securities and Exchange Commission (SEC) has postponed decisions on Bitwise Dogecoin ETF, Grayscale Hedera Trust, and VanEck Avalanche ETF applications. These delays are occurring despite the agency’s new chairman, Paul Atkins, promising a more crypto-friendly approach. 

The SEC explained the postponement by stating, “The commencement of proceedings does not indicate that the Commission has reached any conclusions on the matters at hand.” Additionally, the agency encourages stakeholders to comment on the proposed rule changes. This, combined with requests for Solana ETF issuers to update their S-1 filings, indicates an increasingly complex approval process. Firms like VanEck and 21Shares are particularly concerned about the SEC not applying the “first-filer advantage.” The SEC emphasized that “the Commission has not reached any conclusions” and is “awaiting public comments from relevant parties.” 

Market Reactions and Future Expectations 

The SEC’s delay caused significant value drops in altcoins like Dogecoin (DOGE), Hedera (HBAR), and Avalanche (AVAX). AVAX fell about 12.5%, HBAR 11.5%, and DOGE 10%. These developments have created short-term uncertainty among crypto investors. 

The review process for the Dogecoin ETF began on June 11, 2025. The Hedera ETF process officially started on June 12. The final decision on the Avalanche ETF is expected to be postponed until mid-July, specifically July 15, 2025. 

However, Bloomberg analyst Eric Balchunas stated that the likelihood of approval for assets like Solana is increasing by the end of 2025. On the other hand, the decision process for Dogecoin, Hedera, and Avalanche will proceed more cautiously. ETF issuers like VanEck and 21Shares are worried because the SEC is not applying the “first-filer priority” principle. They argue this hinders market competition and innovation. They also request new regulations from the Commission to make registration disclosures fairer and more transparent. 

The SEC thoroughly examines the potential for market manipulation, liquidity risks, and the reliability of custody solutions for each ETF application. The delays in altcoin ETFs following Bitcoin ETF approvals indicate that each crypto asset’s unique risk profile is evaluated separately. 

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 Altcoin ETF Approval Expectations Are Rising

Firms that already manage Bitcoin and Ethereum ETFs are now focusing on altcoins like Solana, XRP, and Cardano. Currently, the SEC has more than 72 altcoin ETF applications under review. Some of these still lack the necessary documentation. 

Although short-term delays are expected, the first altcoin ETF approvals are anticipated in the last quarter of 2025. However, SEC procedures can take time. Recent postponements include Franklin Templeton’s XRP and DOGE spot ETFs, as well as Ethereum staking ETFs. Five more applications have been delayed for further evaluation. 

Approval Timeline for ETFs Remains Uncertain

Among altcoin ETF applications, Solana and XRP stand out. There are currently 19 applications focused on XRP. However, they are at different stages in the approval process, and no clear timelines have been set. Despite recent delays, XRP continues to trade around $2.24. 

READ: Circle Has Rejected Ripple’s $5 Billion Purchase Offer! 

The likelihood of ETF approval is lower for more niche projects such as Polkadot and Hedera Hashgraph (HBAR). One of the biggest developments could be the inclusion of staking in ETF models. This could apply to assets like Ethereum and Solana. 

According to Polymarket predictions, the likelihood of approval remains low for the summer months. However, by the end of the year, the probability of Solana ETF approval is forecasted at 83%. While slightly below Bloomberg’s 90% projection, this figure is still considered strong. The market remains highly volatile, with current trading volumes reaching approximately $142,000. 

Cardano (ADA), Litecoin (LTC), and XRP also stand out with approval odds climbing up to 87%. While the ETF narrative is no longer as strong as it was during Ethereum’s approval process, investor interest remains. These funds could reignite recovery hopes for altcoins that have been trading at low levels for years. 

The impact of ETFs on crypto prices remains unpredictable. Both BTC and ETH experienced prolonged flat price action following their ETF launches. 

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