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Crypto ETFs linked to Dogecoin (DOGE) and Ripple’s XRP have been delayed, highlighting the challenges facing digital assets other than Bitcoin and Ethereum.

Even though both funds were expected to mark significant events in their respective communities, the U.S. Securities and Exchange Commission (SEC) demonstrates the gap between the more established spot Bitcoin and Ethereum ETFs currently trading in the nation and experimental products.

The SEC’s review of the Franklin XRP ETF was extended on September 10th, pushing the deadline for a final decision from September 15th to November 14, 2025. The regulator cited the need for more time to consider potential risks and comments. Fifteen applications for XRP ETFs remain pending, marking the second extension since the product was first filed in March.

Bettors on Polymarket have given the project a greater than 90% chance of approval by year’s end, indicating investors remain optimistic that Ripple will obtain its own ETF.

Whales have been hoarding the original meme coin in anticipation of the ETF, according to recent data from Santiment. Wallet holdings with one to ten million DOGE reached a four-year high.

The SEC’s strategy reveals a significant gap in the strategy used to introduce crypto ETFs to the market. Under the Securities Act of 1933, for instance, spot Ethereum and Bitcoin ETFs are set up as grantor trusts.

The ’33 Act framework is currently the industry standard for crypto products with physical backing, but it involves a lengthy review process that includes a formal comment period. In contrast, the Dogecoin product is structured under the Investment Company Act of 1940.

This allows it to utilize a special framework as a Registered Investment Company (RIC), which is different from the typical setup used by more well-known crypto ETFs, according to industry expert James Seyffart.