Briefly,
- The SEC announced that it will wait until the end of June before deciding the next steps in the Bitwise Dogecoin ETF, and Franklin XRP Fund.
- Following the success of Bitcoin ETFs, asset managers have submitted dozens of requests for Altcoin ETFs.
Securities and Exchange Commission (SEC) has deferred its decision on whether or not to permit the trading of Altcoin spot ETFs, giving investors exposure. Dogecoin The following are some examples of how to get started: The XRP currency is a cryptocurrency that can be used to buy and sell goods..
Wall Street’s top regulator, the Securities and Exchange Commission (SEC), said on Tuesday that they would not make any decisions until June about Bitwise’s Dogecoin ETF or Franklin Templeton’s potential XRP products.
Several others, including Franklin Templeton's Solana ETF and Grayscale's HBAR ETF, as well as proposed rule changes involving staking for Franklin and Fidelity’s Ethereum ETFs, were also delayed, along with a decision on in-kind creation and redemption mechanisms for Invesco Galaxy’s Bitcoin and Ethereum ETFs.
Following the successful approval of Bitcoin-based ETFs in 2017, asset managers have now tried their luck at getting an Altcoin ETF to be listed. The asset managers have more hope than ever before because President Trump has a crypto-friendly government.
Bitwise, Franklin Templeton, Grayscale, 21Shares, CoinShares” Canary Capital are among the firms that have filed paperwork to get new crypto ETFs—based on assets such as Solana, Litecoin, and Cardano—approved.
The SEC frequently pushes back when making decisions on proposed products like ETFs—or exchange-traded funds—which trade on stock exchanges and allow investors to buy shares tracking a particular security or commodity.
Dogecoin (DOGE) and XRP (XRP) both have their own blockchains, and they are very popular among traders. DOGE is currently the eighth largest cryptocurrency in terms of market capitalization while XRP ranks fourth. Both assets rank among the 10 most-traded cryptocurrencies in a 24 hour period.
It’s not clear if ETFs will succeed despite the popularity of such products. Last year, investment vehicles built on Ethereum, the world’s second-largest coin, received approval. However, they haven’t seen the same trading volume as Bitcoin.
Andrew Hayward edited the book
Editor's note: This story has been updated to reflect additional ETF delays.
