The U.S. Securities and Exchange Commission (SEC) delayed approval decisions on spot xrp (XRP) and dogecoin (DOGE) exchange-traded funds (ETFs) late Tuesday, in line with analyst expectations.
The SEC said it will wait until June 15 for the next steps for the Bitwise DOGE ETF and June 17 for the Franklin XRP Fund, separate filings show.
The law says the Commission has 45 days from when a proposed rule change is announced to approve it, reject it, or start a process to decide if it should be rejected. These 45 days can be extended to 90 days if the Commission thinks more time is needed.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the agency said in the filings.
Bloomberg Intelligence analyst James Seyffart said in an X post that these delays are expected as final deadlines for most filings are in October or later.
XRP and DOGE are little-changed in the past 24 hours alongside flat bitcoin price action.