The U.S. Securities and Exchange Commission (SEC) delayed approval decisions on spot xrp (XRP) and dogecoin (DOGE) exchange-traded funds (ETFs).
The SEC said it will decide what to do next with the Bitwise DOGE ETF by June 15, and with the Franklin XRP Fund by June 17, for the proposed rule change that was initially published for public comment in the Federal Register on March 19, 2025.
The SEC usually has 45 days to respond to these requests, so the first deadline was nearing on May 3, 2025, but the SEC has decided to take more time to review the proposal and its details and hence extended the deadline.
“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,” SEC said in the filings.
Also read: XRP vs SEC: It’s finally over!
Franklin Templeton, a large investment firm that manages over $1.5 trillion, is the biggest player so far trying to launch an ETF based on XRP and will now have to wait until June 17, 2025, for the SEC to either approve the fund or begin a process to decide if it should be rejected.