The Securities and Exchange Commission (SEC) has pushed back its decision on applications for spot crypto ETFs from 21Shares and Grayscale, delaying crucial approvals that could bring significant capital into the crypto market. The SEC’s postponement seeks further examination under Section 6(b)(5) of the Exchange Act regarding fraud prevention and investor protection. Specifically, 21Shares filed an XRP ETF focused on tracking a specific rate with Coinbase Custody for storage, issuing shares in 10,000-share blocks. Grayscale’s Dogecoin ETF seeks to follow a similar structure based on CoinDesk’s index after initiating its DOGE Trust. The delay has sparked calm reactions, as XRP and Dogecoin prices remain steady despite the SEC’s postponed decisions. Market analysts believe this pattern of delays is part of a larger regulatory timeline, with potential approvals likely in late 2025. A key factor driving these delays is SEC Chair Paul Atkins’ evaluation process, which involves soliciting public comments before making final decisions. The extended review period raises questions about the future of these ETF applications and their impact on crypto markets.