Anticipation among XRP investors took a sharp turn this week after the U.S. Securities and Exchange Commission officially delayed its decision on the Franklin Templeton spot XRP ETF. Hopes for near-term approval have been dimmed, with the next review now scheduled for June 17. This signals a slower regulatory process than many had expected.
A regulatory filing dated April 29 stipulated that the SEC would conduct a prolonged review of the XRP ETF under the 19b-4 rulemaking procedure. The XRP ETF now exists within its second procedural examination period because the SEC intends to investigate the fund’s market effects on stability and investor security measures.
Besides the XRP ETF, the SEC postponed rulings on other crypto-related funds. The SEC continues to review four crypto-related funds, including Franklin Templeton’s Solana ETF and Bitise’s Dogecoin ETF, besides Grayscale’s Hedera ETF and Fidelity’s Ethereum ETF, which enables staking.
The evaluation processes for all these proposals are currently at various stages without reaching any congressional approval.
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SEC Signals Prolonged Timeline for Crypto ETF Decisions
Bloomberg Intelligence analysts James Seyffart and Eric Balchunas indicated that delays were anticipated and aligned with standard review procedures. Seyffart pointed out that most final deadlines now fall in the fourth quarter of 2025.
Balchunas noted that ultimate decisions will likely come after new SEC Chair Paul Atkins completes internal strategic evaluations.
Bloomberg’s latest ETF calendar shows Franklin Financial Group Inc. must submit XRP ETF applications to the SEC by November 5, 2025. Two ETFs linked to Solana, Dogecoin, and Hedera all have October 8 as their target review date. The Ethereum ETF from Fidelity continues under regulatory review, although an exact timeline has not been provided.
ETFs linked to altcoins encounter additional SEC scrutiny because the agency consistently demonstrates a reluctance to evaluate new products. The SEC proceeds with deliberate speed to consider all fund components that affect market structure, expose risk, and ensure investor safety.
The lengthy review for XRP ETF approval demonstrates a decisive change in crypto investor momentum. With extended timelines now in place, the market will be watching closely as regulators proceed with caution in evaluating these high-profile digital asset products.
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