The SEC announced Tuesday it will defer its ruling on Cboe BZX Exchange’s proposal to list and trade shares of the Franklin XRP Fund, a commodity-based trust tied to the cryptocurrency XRP. The commission cited the need for additional time to evaluate the filing, pushing the deadline from May 3 to June 17, 2025.

Cboe BZX initially submitted the proposed rule change on March 13, seeking to list the ETF under its commodity trust share guidelines. The SEC published the filing for public comment on March 19 but received no feedback during the review period. Under federal law, the regulator has up to 90 days to approve, deny, or initiate proceedings to reject such proposals.

This marks the latest regulatory hurdle for crypto-linked investment products, which face heightened scrutiny over market stability and investor protections. In a separate filing, the SEC also extended its review of Bitwise Asset Management’s application to launch a Dogecoin ETF, delaying that decision to June 15.

Both extensions reflect the agency’s cautious approach to cryptocurrency-based financial instruments amid evolving market risks. SEC officials have not elaborated on specific concerns but noted the extensions ensure “sufficient time to consider the proposed rule changes.” Many believe, however, with the Trump administration in office, these types of funds will eventually be approved.

Delays could signal deeper regulatory reservations or technical evaluations of custody and liquidity frameworks. The decisions come as the crypto industry intensifies efforts to offer mainstream investment products tied to altcoins, though regulatory approvals remain uncertain.

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