The XRP ETF rollout is once again in the spotlight as the U.S. Securities and Exchange Commission (SEC) delays a decision on Ripple’s ETF proposal, highlighting the persistent regulatory barriers facing assets beyond Bitcoin and Ethereum.

Unlike the widely accepted spot ETFs for BTC and ETH, proposals tied to Ripple’s XRP and Dogecoin (DOGE) have encountered a more cautious and fragmented regulatory response, reflecting core differences in how these crypto products are structured.

SEC Pushes Back XRP ETF Timeline While DOGE Launch Nears

In a recent update, the SEC delayed its review of the Franklin XRP Trust ETF, shifting the final decision deadline from September 15 to November 14, 2025. The agency cited ongoing assessments of public comments and potential risk implications.

This marks the second time the SEC has granted itself a longer window to evaluate the XRP ETF, which was originally filed in March. Currently, there are 15 XRP ETF filings awaiting regulatory verdicts. Despite the delay, prediction markets such as Polymarket place over a 90% probability of approval before the end of 2025, suggesting strong investor confidence in Ripple’s regulatory future.

Meanwhile, Dogecoin’s entry into the ETF space is progressing more swiftly. Analyst Eric Balchunas noted that the Rex-Osprey DOGE ETF (ticker: DOJE), which had been slated for a September 12 launch, is now expected to debut around September 18. This adjustment places DOGE on a faster path than XRP, despite its origins as a meme coin.

Whale activity supports growing interest in DOGE. Santiment data show significant DOGE accumulation by wallets holding between one million and ten million tokens, reaching levels not seen in four years — likely in anticipation of the ETF’s market entry.

Structural Differences Shape SEC Decisions

The SEC’s varied treatment of XRP and DOGE underscores the importance of ETF structure in regulatory proceedings. Bitcoin and Ethereum spot ETFs follow a grantor trust model governed by the Securities Act of 1933. This well-established framework requires comprehensive SEC reviews and mandatory public comment periods, extending the approval timeline.

In contrast, the DOGE ETF follows a different approach. As outlined by ETF analyst James Seyffart, DOJE is built under the Investment Company Act of 1940. This allows it to operate as a Registered Investment Company (RIC), offering an expedited, albeit complex, route to market.

DOJE’s unique structure includes a Cayman Islands-based subsidiary, enabling it to access spot market exposure while also accommodating derivatives. This hybrid mechanism differentiates it from the more conventional designs of BTC and ETH ETFs, giving DOGE a regulatory workaround that XRP has yet to utilize.

This regulatory strategy could explain why an ETF for Dogecoin — a token known more for internet humor than institutional backing — might beat XRP to the U.S. exchange-traded market, despite Ripple’s deeper market integration and clearer use cases.

Traders and analysts closely monitor regulatory movements affecting new crypto ETFs like XRP and DOGE.

Implications for Future Crypto ETFs

The SEC’s ongoing evaluation of alternative crypto ETFs signals that newer products face higher scrutiny, regardless of their technical sophistication or market history. The differing regulatory frameworks — and the willingness of issuers to explore novel structures — will play a significant role in determining which assets reach mainstream investment platforms.

Related: XRP Price: $12M Max Pain for Bears

As the spotlight remains fixed on Ripple and Dogecoin, both communities await clarity that could reshape the competitive landscape of digital asset investing. Whether XRP ultimately secures SEC approval may depend as much on legal structuring as it does on market readiness and sentiment.