Bitwise and Franklin Templeton ETF Proposals Postponed Until June
The U.S. Securities and Exchange Commission (SEC) has postponed its decisions on whether to approve two proposed altcoin-based exchange-traded funds (ETFs) — one tied to Dogecoin (DOGE) and another to XRP — according to filings made public on April 29.
The delay extends the review period until June, pushing back potential listings on NYSE Arca and Cboe BZX Exchange, which respectively filed to list:
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The Bitwise Dogecoin ETF
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The Franklin Templeton XRP ETF
On the same day, Nasdaq submitted a separate request to list a 21Shares Dogecoin ETF, adding to the growing wave of altcoin ETF applications submitted in 2025.
XRP and DOGE Join a Crowded ETF Queue
DOGE, the world’s most traded memecoin, currently holds a market capitalization of around $26 billion, while XRP — the native token of the XRP Ledger — is valued at approximately $133 billion, according to CoinGecko.
They are among dozens of altcoins that asset managers are seeking to package into ETFs. As of April 21, the SEC had received more than 70 active ETF proposals for digital assets, according to Bloomberg data.
“Everything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between,” said Bloomberg ETF analyst Eric Balchunas, commenting on the eclectic mix of filings.
The trend comes amid political tailwinds from President Donald Trump, who has called on regulators to adopt a more crypto-friendly stance, particularly toward decentralized financial instruments and stablecoins.
Analysts: Demand for Altcoin ETFs May Be Limited
Despite the flood of filings, analysts caution that investor appetite for altcoin ETFs could be significantly weaker than for core assets like Bitcoin (BTC) and Ethereum (ETH).
“Having your coin get ETF-ized is like being in a band and getting your songs added to all the music streaming services,” said Balchunas.
“Doesn’t guarantee listens but it puts your music where the vast majority of the listeners are.”
The comment underscores the difference between regulatory approval and market success, especially for niche or speculative crypto assets.
Exchanges Want Regulatory Clarity
While U.S. exchanges are actively pursuing ETF listings, they are also pressing the SEC to apply consistent regulatory standards to digital assets. In an April 25 comment letter, Nasdaq urged the SEC to treat digital assets as securities when they exhibit the same characteristics.
The letter called for uniform compliance expectations, regardless of whether the underlying asset is a stock or a token.
Final Thoughts: SEC’s Altcoin Dilemma Deepens
As altcoin ETF applications pile up, the SEC faces a complex balancing act: how to foster innovation in crypto financial products without compromising on investor protections and legal consistency.
While the delays for the Bitwise Dogecoin ETF and Franklin Templeton XRP ETF are routine under federal law, they highlight the mounting pressure on regulators to define a clear framework for altcoin investing — one that could reshape retail access to emerging digital assets in the U.S. financial system.
