SEC's Extended Review Signals Search for Crypto ETF Blueprint

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on Bitwise’s application for a spot Dogecoin exchange-traded fund (ETF), continuing a broader trend of regulatory caution regarding digital asset investment products. This extension means the regulator is not yet prepared to approve the fund and requires further evaluation and input from the public and market participants. Bitwise had previously submitted its application in early 2025 as part of a growing wave of institutional interest in Dogecoin, which has been driven by both speculative enthusiasm and the increasing legitimacy of cryptocurrencies in mainstream finance.

The delay follows similar actions taken by the SEC against multiple other crypto ETF proposals. On August 18, 2025, the agency pushed back the review of nine additional filings, including applications for XRP, Litecoin, and Dogecoin-related funds. These delays are seen by analysts as part of a broader effort by the SEC to develop a consistent framework for approving digital asset investment products, rather than adjudicating each case individually. Bloomberg analysts have suggested that the SEC is aiming to create a uniform policy that could govern which cryptocurrencies are eligible for inclusion in ETFs and under what conditions.

The uncertainty surrounding the approval of Dogecoin ETFs has had a mixed impact on the market. While the price of Dogecoin (DOGE) surged by 8% in the 24 hours leading up to $0.2371, with a market cap of over $35 billion, the extended timelines have tempered some of the optimism. The price movement was largely driven by speculation that a Dogecoin ETF—particularly one from REX Shares—might be approved this week. REX Shares, in partnership with Osprey Funds, filed an effective prospectus under the Investment Company Act of 1940, which could expedite the approval process. Bloomberg ETF analyst Eric Balchunas has indicated that the firm is on track to launch a Dogecoin ETF using a similar model to its successful Solana staking ETF.

The potential approval of a Dogecoin ETF would represent a significant milestone in the evolution of crypto-linked investment products. Following the 2024 approvals of spot Bitcoin and Ethereum ETFs, a Dogecoin ETF would further expand the range of cryptocurrencies available to institutional and retail investors through regulated, accessible channels. Analysts have noted that Dogecoin’s unique position as a meme coin with growing institutional adoption and celebrity endorsements, particularly from Elon Musk, could make it an attractive addition to the ETF landscape.

Despite the SEC’s delays, other market participants continue to move forward with their plans. 21Shares, for example, has filed an S-1 form for a spot Dogecoin ETF, while the House of Doge has partnered with CleanCore Solutions and 21Shares to create a Dogecoin Treasury. The latter initiative aims to institutionalize DOGE holdings and potentially provide a model for structured investment in the token. However, the mixed market reaction to these developments—evidenced by CleanCore’s over 50% drop in share price—highlights the volatility and unpredictability of the sector.

As the SEC works through its evaluation of Dogecoin ETFs, the extended deadlines and procedural delays reflect a broader regulatory approach that prioritizes caution and uniformity over speed. The October 2025 review deadlines for multiple ETF proposals will likely serve as a key inflection point for the sector, offering clarity on the agency’s evolving stance toward digital assets and potentially shaping the future of institutional crypto investment.