XRP ETFs, like those for Dogecoin, are temporarily put on a waiting list by the SEC.

XRP ETFs and Dogecoin Temporarily Put on Hold by SEC

The US Securities and Exchange Commission (SEC) has currently postponed decisions on several applications for ETFs related to XRP and Dogecoin. The crypto market is waiting to see whether the SEC will approve the proposals.

Background on XRP and DOGE ETFs

After the first spot Bitcoin ETF received approval in the USA, the launch of exchange-traded funds for two additional prominent altcoins was expected. However, recent results indicate a delay.

Current Status of Applications

There are reports that investment house Bitwise intends to introduce an ETF tracking the performance of XRP and Dogecoin, alongside Ethereum. Bitwise submitted the initial documentation for the potential fund in October, suggesting an innovative approach to index construction, yet uncertainties remain.

Regulatory Hurdles and Prospective Timelines

The SEC has a history of hesitancy to give the green light for crypto-based ETFs. The US regulatory authority extended its decision-making time, which reflects its cautious stance. It’s unclear when the SEC plans to announce its final choice, but a delay until spring 2024 is possible and indeed probable.

Market Reactions

Investors in XRP and DOGE remain attentive to developments. Market expectations had previously included a quick launch after the Bitcoin ETF milestone, but this prospect has cooled. The ongoing situation poses questions about the acceptance of cryptocurrencies in traditional finance.

Outlook for XRP and DOGE Products

Both Ripple’s XRP and Dogecoin boast significant public interest and institutional exploration. Approving ETFs could support increased mainstream adoption, though it remains dependent on regulatory verdicts. Ultimately, the SEC’s decisions serve as critical benchmarks for the future maturation of the crypto market.