Securities and Exchange Commission (SEC) Enters Discussions for Potential 2025 Approval of ETFs Based on XRP, Solana, and Dogecoin

Securities and Exchange Commission (SEC) Enters Discussions for Potential 2025 Approval of ETFs Based on XRP, Solana, and Dogecoin

In a series of public appearances, Matt Hougan, Bitwise Asset Management's Chief Investment Officer, has hinted at a regulatory shift, especially during Bitcoin 2025 in Las Vegas. While he steered clear of confirming specific SEC actions, Hougan expressed optimism about the new leadership, stating that they are "pointing in the right direction" and displaying a "very constructive" approach towards crypto investment products.

Bitwise, known for its Spot Bitcoin and Ethereum ETFs, has applied for XRP, Solana, and Dogecoin ETFs. With the authorization of Bitcoin and Ether ETFs reducing investor costs and enhancing security, Hougan argued that it would be hard to oppose extending such frameworks to other digital assets. He posed the question, "Why not let them have it in a safe, secure, low cost ETP format?"

Hougan emphasized that not all cryptocurrencies warrant an ETF, but the surge in retail and institutional demand made it essential to delve beyond Bitcoin and Ethereum. "It's high time investors, who desire and need, get exposure to more assets," he stated during a CNBC Crypto World chat show.

This movement in U.S. crypto policy is part of a broader wave, with bipartisan progress on the 'GENIUS Act', a stablecoin bill. Hougan believes this bill could trigger a multi-year crypto bull market and provide a solid foundation for legal certainty, positioning crypto at the epicenter of global finance.

As the market dynamics evolve and institutional adoption grows, the SEC finds itself under the spotlight as it weighs the next round of crypto ETF approvals. If these products ever see the light of day, 2025 might well be a defining year in the legitimacy of altcoins on Wall Street.

For a deeper dive into the specific status of the XRP, Solana, and Dogecoin ETFs, read Seyffart: Solana ETF Gets 90% Odds, XRP & LTC Close Behind.

Breakdown of the Status:

• XRP ETF: The SEC has scheduled key decision dates for XRP ETFs. Franklin Templeton's filing needs a decision by June 17, while ProShares' XRP ETF has a registration amendment with an effective date set for June 25, 2025[4]. Despite optimism, the ongoing XRP lawsuit and regulatory uncertainty present challenges for approval[2][4].
• Solana ETF: Solana ETFs are seen as likely early contenders for approval. The SEC has asked issuers for updated filings, with analysts predicting possible approval as early as July 2025[5]. Major firms like Fidelity, VanEck, and Bitwise have filed proposals, fueling optimism[4][5]. The SEC's request for S-1 statements is a positive step in the approval process[4][5].
• Dogecoin ETF: The Grayscale Dogecoin ETF is under review, with a decision expected in June. Dogecoin, along with other altcoins like Cardano, faces an October 17, 2025, SEC decision deadline, but Bloomberg lists an 80% approval chance[1][3]. The SEC's delay in other ETF decisions suggests a cautious approach, but the overall sentiment remains positive for approval by Q4 2025[3].

Matt Hougan's optimistic stance mirrors the broader market sentiment that the SEC is swaying towards a more accepting stance on crypto-based investment products. However, regulatory clarity and ongoing legal issues, such as the XRP lawsuit, continue to impact the approval timeline[2][4].

1. Matt Hougan, the Chief Investment Officer of Bitwise Asset Management, has expressed optimism about the potential approval of ETFs for cryptocurrencies such as XRP, Solana, and Dogecoin, following the authorization of Bitcoin and Ethereum ETFs.
2. Bitwise, which has applied for several ETFs, including XRP, Solana, and Dogecoin ETFs, argues that extending such frameworks to other digital assets would reduce investor costs and enhance security.
3. The SEC has scheduled key decision dates for the XRP ETF proposals from Franklin Templeton and ProShares, but the ongoing XRP lawsuit and regulatory uncertainty present challenges for approval.
4. Solana ETFs are seen as likely early contenders for approval, with the SEC requesting updated filings and leading analysts predicting possible approval as early as July 2025.
5. The Grayscale Dogecoin ETF is under review by the SEC, with a decision expected in June. Despite the SEC's cautious approach and an October 17, 2025, deadline for other altcoins like Cardano, Bloomberg lists an 80% approval chance for the Dogecoin ETF by Q4 2025.

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