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SEC delays decision on Franklin Templeton’s spot XRP ETF

  • The US SEC has delayed its decision to approve or disapprove Franklin Templeton’s application for a spot XRP ETF.
  • SEC has extended the period of review for the XRP ETF to June 17, 2025.
  • ETF expert James Seyffart says most of the final verdicts for most ETF proposals are made in October or later.

The US Securities and Exchange Commission has postponed its decision on Franklin Templeton’s proposed spot XRP exchange-traded fund.

SEC’s announcement on April 29, 2025, states that the regulator will now have until June 17, 2025.

This is the date by which it will have to make a decision on whether to approve or reject the XRP spot ETF.

A fresh delay allows the agency more time to evaluate the Franklin Templeton proposal.

SEC postpones decision on Franklin Templeton’s XRP ETF

According to the SEC’s filing, the agency requires a longer period to assess Franklin Templeton’s application, which was initially filed on March 19, 2025.

The proposal aims to list and trade shares of the Franklin XRP Fund under NYSE Arca Rule 8.201-E.

SEC noted that the extended review period, now set at 45 days, may be further prolonged up to 240 days from the initial publication in the Federal Register, potentially delaying a final decision until mid-October 2025.

Per the SEC’s filing, the delay is within the law and offers it time to thoroughly examine the proposed rule change and its alignment with self-regulatory organization requirements.

Not entirely new, the move aligns with a pattern of cautious deliberation the SEC has adopted regarding crypto-related financial products, having taken years to approve spot Bitcoin ETFs and Ether spot ETFs.

ETF analyst on what’s next?

Despite delays, investor demand for such crypto ETFs continues to surge.

Over the past few months, issuers have filed over 70 proposals seeking a green light to list exchange-traded funds on top altcoins. XRP, Solana, Litecoin, Hedera, and Dogecoin are among the most highly anticipated.

Commenting on the delay, Bloomberg ETF analyst James Seyffart said he expects more of these SEC delays this week and in the coming days.

Notably, the regulator has also deferred its rulings on Ethereum staking and Dogecoin ETFs.

Seyffart anticipates that final deadlines for most of the ETF filings will be in October 2025 or later.

“I am expecting more delays today or at least this week on some Solana and Hedera/HBAR ETF filings. This is expected IMO. Final deadlines for most of this stuff is in October 2025 or later,” Seyffart noted.

The post SEC delays decision on Franklin Templeton’s spot XRP ETF appeared first on CoinJournal.

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Sonic (S) price prediction: Can native USDC launch on May 6 ignite a breakout?

  • Sonic is set to upgrade to native USDC and integrate with CCTP V2 for better liquidity and experience.
  • Sonic (S) price, currently at $0.5226, may hit $1.03 or fall to $0.3596 after the upgrade.
  • A successful transition could spark increased adoption and liquidity, potentially pushing the S price higher.

Sonic (S), the native token of the Sonic blockchain, has been trading in a tight range for the past 48 days, with investors eagerly awaiting the upcoming transition from bridged USDC to native USDC.

This transition, scheduled to begin on May 6, 2025, is expected to bring significant changes to the Sonic ecosystem, potentially impacting the price of Sonic (S).

As the market remains in a state of anticipation, understanding the implications of this transition and the current technical setup is crucial for predicting the future price movement of Sonic (S).

The upcoming bridged USDC to native USDC transition on Sonic

Bridged USDC, known as USDC.e, is a version of the widely used stablecoin USDC that has been bridged from another blockchain to the Sonic network.

This bridged form has been functional but carries limitations like potential liquidity fragmentation and dependency on third-party bridging mechanisms.

The shift to native USDC, issued directly by Circle on the Sonic blockchain, is designed to overcome these challenges and streamline operations.

Native USDC is fully regulated, backed by reserves, and redeemable on a 1:1 basis for US dollars, offering a robust and trustworthy stablecoin option.

It also introduces institutional on/off-ramps via Circle Mint, enabling eligible businesses to seamlessly engage with the Sonic ecosystem.

The integration with CCTP V2 further enhances this upgrade by facilitating fast, secure, and efficient cross-chain USDC transfers across supported blockchains.

Scheduled to start on May 6, 2025, the transition will pause bridging activity on the Sonic Gateway between Ethereum and Sonic for about a week.

During this time, Circle will assume ownership of the bridged USDC contract, enabling the switch to native USDC without requiring user intervention.

Once completed, native USDC will be fully operational, promising improved liquidity and a better user experience across the Sonic network.

Sonic (S) price forecast

Sonic (S) has been locked in a consolidation phase for the past 48 days, encountering resistance at key technical levels such as the VWAP SR, 0.618 Fibonacci level, and the value area high.

Trading volume has remained consistently low, reflecting a lack of strong momentum or conviction among market participants.

The current price of $0.5226 sits near the midpoint of this range, making it a pivotal level for determining the next move.

A successful transition to native USDC could spark increased adoption and liquidity, potentially pushing the price above the established resistance zone.

Historically, such upgrades to native stablecoins have bolstered blockchain ecosystems by attracting more users and developers, though price impacts depend on broader market dynamics.

Conversely, any setbacks or delays in the transition could erode investor confidence, risking a drop below the midpoint toward lower support levels.

Volume will play a critical role in signalling the direction of any breakout, with a surge alongside a move above resistance suggesting a bullish trend.

Should this scenario unfold, Sonic (S) could aim for its previous all-time high of $1.03, offering a potential 97% gain from its current price.

On the flip side, a breakdown below the range, especially with heightened volume, might see the price retest its all-time low of $0.3596, a decline of roughly 31%.

Investors should keep a close eye on volume and price behaviour around these key levels as the USDC transition unfolds to assess the market’s response.

The post Sonic (S) price prediction: Can native USDC launch on May 6 ignite a breakout? appeared first on CoinJournal.

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Nasdaq files to list 21Shares’ Dogecoin ETF

  • Asset manager 21Shares has submitted a proposal to list a spot Dogecoin exchange-traded fund (ETF).
  • Other firms, including Grayscale, Bitwise, and REX Shares, have also submitted applications for similar Dogecoin ETFs.
  • The SEC is currently said to be reviewing over 70 crypto ETF applications,

Asset manager 21Shares has submitted a proposal to list a spot Dogecoin exchange-traded fund (ETF), marking the latest in a series of filings aimed at bringing crypto-related investment products to the mainstream.

The Nasdaq Stock Market filed the necessary 19b-4 document on Tuesday, a required step in the Securities and Exchange Commission’s (SEC) ETF approval process.

The 19b-4 filing follows 21Shares’ initial S-1 registration submitted on April 9.

In the earlier filing, the firm disclosed an exclusive partnership with the House of Doge to create funds backed by the Dogecoin Foundation.

Once the SEC acknowledges the 19b-4, it will be published in the Federal Register, beginning the formal review period.

Other firms, including Grayscale, Bitwise, and REX Shares, have also submitted applications for similar Dogecoin ETFs.

The filings come as the SEC signals a departure from its previous approach to digital assets.

Leadership change at the SEC

The regulatory shift follows the appointment of Paul Atkins as SEC Chairman on April 21.

Nominated by President Donald Trump, Atkins has taken a critical view of the agency’s prior policies under the Biden administration and former Chairman Gary Gensler.

“Innovation, unfortunately, has been stifled for the last several years due to market and regulatory uncertainty that unfortunately the SEC has fostered,” Atkins said last week.

Atkins’ confirmation, following a contentious Senate vote, is expected to accelerate decisions on a growing number of crypto-related proposals.

Acting Chair Mark Uyeda had previously delayed major rulings, and insiders attribute this to the lack of permanent leadership.

Crypto ETF backlog grows

The SEC is currently said to be reviewing over 70 crypto ETF applications, including products tied to major altcoins such as XRP, Solana, and Litecoin, as well as meme-themed and leveraged offerings.

Analyst Eric Balchunas called the ETF queue “wild,” noting the inclusion of everything from “Penguins, Doge, and 2x Melania.”

Bloomberg analysts in February estimated the highest probability of approval for Litecoin ETFs at 90%, followed by Dogecoin at 75%.

This recent push follows the agency’s approval of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July, both of which were seen as watershed moments for the crypto investment landscape.

As of the time of writing on Tuesday, the price of Dogecoin was up 0.4% to $0.1789.

The post Nasdaq files to list 21Shares’ Dogecoin ETF appeared first on CoinJournal.

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Sign token surges 80% after major exchange listings

  • Sign (SIGN) price has jumped more than 80% amid multiple exchange listings, including on South Korea’s largest crypto exchange.
  • Upbit plans to list SIGN trading pairs for Korean won, Bitcoin and Tether (USDT).
  • Profit taking could derail Sign price momentum.

Sign (SIGN) is up more than 80% in the past 24 hours, skyrocketing as multiple exchanges and trading platforms list the token.

As of writing, the SIGN token traded near $0.13, up 85% and likely to rally further following its listing on Upbit, the largest cryptocurrency exchange in South Korea.

Market buzz as Sign surges

Sign is an omni-chain attestation protocol designed to power on-chain claims for identity, ownership, and credentials.

The Sign Protocol, which operates across multiple blockchains, aims to make attestation technology more accessible and user-friendly, embedding it into everyday digital interactions.

With services like Token Table for on-chain token distribution, EthSign for web3 signing, and the Sign Protocol for omni-chain attestation.

Meanwhile, the Sign (SIGN) token is the platform’s native token, used for gas fees, staking and airdrop rewards.

SIGN token’s remarkable price rally comes as Upbit, South Korea’s largest cryptocurrency exchange, announced the listing of the token.

It joins other platforms, including Bitget, Bitrue and Gate.io in adding support for the token.

The hype amid these developments have seen Sign’s token price jump sharply.

Upbit plans to list SIGN with Korean won (KRW), Bitcoin (BTC), and Tether (USDT) trading pairs.

Upbit said in a notice that deposits/withdrawals will open three hours after the announcement.

However, the exchange did not provide an exact listing time for the token.

Why does Upbit listing matter?

South Korea is a major hub for crypto trading, and Upbit’s dominant position in the market has given SIGN a significant boost.

The exchange’s decision to support SIGN reflects growing confidence in the project’s potential, especially given the fact that South Korean investors have historically shown massive enthusiasm for digital assets. Its listing of the token could help push prices higher.

Notably, the trading volume of Sign (SIGN) has reached over $658 million, representing a staggering 1,462,136% increase in 24 hours.

CoinGecko analysts indicate the spike signals a sharp rise in sentiment and market activity.

Analysts are optimistic about its short-term trajectory, given the heightened trading volume and market interest.

Price discovery may see buyers extend beyond $0.13, with momentum continuation benefiting from overall market performance.

However, monitoring of whale activity could be key as is the fact that a reversal amid profit taking may be equally sharp and painful.

 

 

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Donald Trump speech looms: can Bitcoin leverage exchange outflows, safe haven status for $100K?

  • Bitcoin climbed above $95,490 Monday ahead of Trump’s 100-day speech, eyeing policy clarity.
  • Potential confirmation of a US Bitcoin strategic reserve could be a major catalyst towards $100K.
  • Bitcoin shows resilience (YTD +5.6%) vs. US stocks (YTD -5%) amid tariff uncertainty, boosting safe-haven appeal.

Bitcoin demonstrated renewed strength on Monday, climbing back above the significant $95,000 mark as the broader financial markets turned their focus towards President Donald Trump’s upcoming 100-day policy review speech.

Amidst a complex macroeconomic backdrop shaped by Trump’s second term policies, on-chain data showing significant Bitcoin withdrawals from exchanges added fuel to bullish sentiment, prompting speculation about a potential push towards the $100,000 milestone.

Anticipation builds ahead of Trump’s 100-day review

After a period of consolidation, Bitcoin prices pushed higher, reaching levels above $95,490 according to CoinGecko data, marking an 0.8% gain over 24 hours and reflecting a robust 8.9% increase week-over-week.

This price action mirrored gains seen in US equity markets, particularly among top technology stocks, as investors awaited clarity from Trump’s address.

Crypto-related policies have been a notable feature of Trump’s second term thus far, and market participants are particularly keen for updates on proposals like the potential creation of a US Bitcoin strategic reserve.

A definitive announcement confirming the strategic reserve initiative could serve as a powerful catalyst, potentially triggering a rapid (“parabolic”) move towards and beyond $100,000.

Conversely, renewed emphasis on aggressive tariff strategies or drastic budget cuts in the speech could dampen overall market sentiment, potentially capping Bitcoin’s near-term upside despite its recent resilience.

Macro crosscurrents: tariffs, inflation, and Fed pressure

The first 100 days of Trump’s term have been marked by distinct policy trends influencing market dynamics.

While US inflation has continued its downward trend (falling from a 9.1% peak in 2022 to 2.4% in March 2025, per TradingEconomics), Trump’s continued advocacy for tariffs – measures widely warned by economists as potentially inflationary – creates tension.

The President has claimed victory over inflation while simultaneously pushing for policies that could reignite price pressures.

This backdrop informs Trump’s recently intensified calls for the Federal Reserve to cut interest rates, including public pressure and threats aimed at replacing Fed Chair Jerome Powell.

While these pronouncements have sparked market speculation, data from the CME FedWatch tool still indicates a dominant (90.1%) probability that the Fed will maintain current rates at its upcoming May 7 FOMC meeting.

However, the administration’s focus on tariffs (“impose across-the-board tariffs on most foreign-made goods”) continues to inject uncertainty into US stock markets.

This uncertainty appears to be bolstering Bitcoin’s narrative as a potential safe-haven asset, relatively insulated from direct geopolitical trade spats and supply chain disruptions.

Notably, Bitcoin has posted year-to-date gains of 5.6%, contrasting with declines seen in the S&P 500 and Dow Jones indices (down 5% YTD) during the same period.

Should Trump’s policies continue to foster volatility in traditional financial (TradFi) markets, Bitcoin’s perceived resilience could attract further capital inflows.

On-chain flows signal accumulation?

Adding weight to the bullish case is compelling on-chain data indicating significant Bitcoin movement off cryptocurrency exchanges.

Analysis from CryptoQuant reveals that investors have withdrawn over $4 billion worth of Bitcoin from tracked exchange wallets since Trump’s recent calls for rate cuts began around April 22.

Total exchange reserve balances reportedly fell from $237.8 billion to $233.8 billion during this period.

This trend of coins leaving exchanges is often interpreted bullishly, as it suggests investors are moving Bitcoin into private storage (“cold wallets”) for longer-term holding rather than keeping it readily available for sale on trading platforms.

This reduction in easily accessible supply, coupled with potentially steady or increasing demand triggers (like the safe-haven narrative or strategic reserve news), strengthens the argument for a potential price breakout.

Bitcoin tests $95K resistance, eyes $100K breakout

With demand factors seemingly active and exchange supply tightening, the technical picture comes into sharp focus. Bitcoin is currently testing the significant resistance zone around 95,000−95,500.

Successfully overcoming and holding above this level is seen as crucial for confirming the next leg higher.

The $100,000 psychological milestone remains the key upside target in the near term, with the confluence of macro uncertainty, potential policy catalysts from Trump’s speech, and supportive on-chain data suggesting the stage could be set for such a move.

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