SEC Stalls Dogecoin and XRP ETFs as Wave of Crypto Fund Applications Grows

The U.S. Securities and Exchange Commission is dragging its feet once again—this time on two ETF proposals tied to Dogecoin and XRP.

Instead of making a call, the agency has pushed its decision into June, stalling applications from NYSE Arca and Cboe BZX that aim to list funds by Bitwise and Franklin Templeton.

On the same day, Nasdaq jumped into the mix, filing for a Dogecoin ETF of its own, this one backed by 21Shares. The memecoin frenzy is showing no signs of slowing, with Dogecoin commanding a market cap of $26 billion and XRP sitting at a hefty $133 billion, according to CoinGecko.

Behind the scenes, the SEC is dealing with a flood of crypto ETF applications—nearly 70 are still in limbo. The list includes everything from mainstream assets like Solana and Litecoin to bizarre entries like Penguins and meme-themed coins.

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Bloomberg analyst Eric Balchunas likened it to bands hoping to get their music on streaming platforms: it’s visibility, not a guarantee of success.

Political pressure is mounting too. Donald Trump has been pushing regulators to ease up on crypto, but despite this, even exchanges like Nasdaq are urging the SEC to enforce stricter oversight, especially when tokens resemble traditional securities.

Whether any of these altcoin ETFs actually make it to market—and find an audience—remains to be seen.

Alexander Stefanov