SEC Delays Dogecoin & XRP ETF Decisions
The US Securities and Exchange Commission (SEC) has postponed its decisions on both the proposed Dogecoin ETF from Grayscale Investments and the XRP ETF from 21Shares. These delays, following similar announcements earlier this month, indicate the SEC requires more time to thoroughly evaluate these applications. While not a rejection, the delay fuels ongoing speculation surrounding the future of both assets.
Dogecoin and XRP ETF Applications: A Closer Look
Instead of the anticipated May 21-22 deadlines, the SEC will now further examine whether the proposals comply with Exchange Act Section 6(b)(5), which focuses on preventing fraud and protecting investors.
21Shares submitted their XRP ETF application in February, adding to their existing portfolio of crypto ETF filings in the US. This ETF, intended for trading on the Cboe BZX Exchange, aims to provide institutional investors with indirect exposure to XRP.
Similarly, Grayscale Investments filed for a spot Dogecoin ETF following the launch of their DOGE Trust in January. The SEC acknowledged the DOGE ETF filing in March, initiating the official approval process.
The SEC now plans to finalize its decision on the XRP ETF by June 17th, with a similar timeline expected for Grayscale's Dogecoin ETF.
Interestingly, despite these delays, the prices of both XRP and Dogecoin have remained relatively stable. At the time of writing, XRP traded at $2.355, up 1.66% in 24 hours, and Dogecoin was priced at $0.2264, experiencing a 0.75% increase.
While market volatility remains a factor, the potential approval of these ETFs could significantly impact the altcoin market. The SEC's decision is a crucial catalyst to watch closely for both XRP and Dogecoin.
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Market conditions are constantly changing, and conducting thorough research is vital before making any investment decisions. Codeum does not endorse any specific cryptocurrency or investment strategy.
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