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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The U.S. Securities and Exchange Commission has once again delayed its decision on Grayscale’s Dogecoin and 21Shares’ XRP ETF applications. Investors had expected a decision in May, but the SEC has extended the review process for these crypto asset filings. 

The proposed Dogecoin and XRP ETFs aim to provide institutional investors with access to digital assets. 21Shares submitted its XRP ETF application in February, while Grayscale filed its Dogecoin ETF application in March, following the DOGE Trust. These applications are being evaluated under frameworks related to investor protection and anti-fraud measures. U.S. Securities and Exchange Commission has now pushed the decision date for the XRP ETF to June 17. A similar date is expected for the Dogecoin ETF. This delay does not mean the applications have been rejected, but uncertainty remains. 

Crypto ETF Approval Process and Expert Commentary 

The U.S. financial regulator approach is not limited to Dogecoin and XRP. Last week, the agency also delayed a decision on a Solana ETF application, highlighting its thorough review process for all altcoin ETFs. 

Bloomberg Senior ETF Analyst James Seyffart said delays in crypto ETFs are normal. According to him, U.S. Securities is utilizing the full process to evaluate 19b-4 filings. Specifically for XRP, Seyffart noted that early approval in June is also a possibility. 

Delays on spot crypto ETFs are expected. A bunch of XRP ETPs have dates in next few days.

If we're gonna see early approvals from the SEC on any of these assets — i wouldn't expect to see them until late June or early July at absolute earliest. More likely to be in early 4Q.

— James Seyffart (@JSeyff) May 20, 2025

Experts view the process as a security filter. The U.S. financial regulator is taking steps to protect investors and maintain transparency in the market. The involvement of major companies like Grayscale and 21Shares increases the likelihood of approval. Despite these developments, the crypto market remains calm. At the time of writing, Dogecoin is trading at $0.2264 and XRP at $2.355. An ETF approval could lead to a price increase. Investors are closely watching these updates. Ultimately, U.S. Securities and Exchange Commission delay did not create immediate pressure on the market. 

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