The U.S. Securities and Exchange Commission (SEC) has delayed approval decisions on spot xrp (XRP) and dogecoin (DOGE) exchange-traded funds (ETFs), with new deadlines set for June 15 and June 17, respectively.
The U.S. Securities and Exchange Commission (SEC) has delayed approval decisions on spot xrp (XRP) and dogecoin (DOGE) exchange-traded funds (ETFs). The new deadlines for the Bitwise DOGE ETF and Franklin XRP Fund are set for June 15 and June 17, respectively.
The law requires the Commission to approve or reject proposed rule changes within 45 days of announcement. However, this timeframe can be extended to 90 days if more time is needed to consider the proposed rule changes. In this case, the SEC has chosen to extend the deadline to allow for further consideration.
Analyst Expectations
Bloomberg Intelligence analyst ‘James Seyffart’ had anticipated these delays, stating that final deadlines for most filings are typically in October or later. This delay is not unexpected and reflects the typical timeframe for the SEC’s review process.
James Seyffart is a Swedish entrepreneur and business executive, best known for being the founder and CEO of Klarna, a leading fintech company.
Born in 1982, Seyffart has a background in entrepreneurship and finance.
He co-founded Klarna in 2005 with Sebastian Siemiatkowski and Niklas Adalberth.
Under his leadership, Klarna has grown into one of the largest payment providers globally.
Seyffart's entrepreneurial spirit and innovative approach have made him a prominent figure in the fintech industry.
Market Impact
The decision on XRP and DOGE ETFs has significant implications for investors and market participants. The approval of these ETFs would provide a new way for investors to access these cryptocurrencies, potentially increasing liquidity and volatility.
A cryptocurrency exchange-traded fund (ETF) is a type of investment fund that tracks the price of a specific cryptocurrency, such as 'Bitcoin' or 'Ethereum'.
Like traditional ETFs, crypto-ETFs are listed on stock exchanges and trade in real-time.
They allow investors to gain exposure to cryptocurrencies without directly holding them.
Crypto-ETFs typically hold a basket of underlying assets, including futures contracts, options, or physical cryptocurrencies.
This structure helps to reduce risks associated with direct cryptocurrency investments.
xrp and dogecoin have shown little change in value over the past 24 hours, alongside flat bitcoin price action. As the situation develops, it is essential to monitor the SEC’s progress and any updates on the proposed rule changes.
The cryptocurrency market has experienced rapid growth since its inception in 2009.
Bitcoin, the first and most well-known cryptocurrency, was created by an individual or group using the pseudonym Satoshi Nakamoto.
Today, there are over 5,000 cryptocurrencies in existence, with a combined market capitalization of over $2 trillion.
Cryptocurrencies use decentralized technology to facilitate secure, peer-to-peer transactions without the need for intermediaries like banks.
What’s Next
The SEC will continue to review the proposed rule changes for the Bitwise DOGE ETF and Franklin XRP Fund. Investors and market participants should remain vigilant and monitor any developments in this space.
- coindesk.com | SEC Delays Dogecoin and XRP ETF Decisions
