The US Securities and Exchange Commission (SEC) has postponed deciding on whether to greenlight two proposed cryptocurrency exchange-traded funds (ETFs) holding Dogecoin and XRP, filings show.
The US regulator has delayed its deadline for ruling on the proposed ETF listings until June, according to two filings reviewed by Cointelegraph.
The filings were responses to March requests from US exchanges NYSE Arca and Cboe BZX Exchange to list Bitwise’s Dogecoin (DOGE) ETF and Franklin Templeton’s XRP (XRP) ETF, respectively.
They came on the same day that Nasdaq, another US exchange, asked for permission to list a 21Shares Dogecoin ETF.
Dogecoin is the world’s most heavily traded memecoin, with a market capitalization of around $26 billion as of April 29, according to data from CoinGecko. XRP is the native token of the XRP Ledger blockchain network. It has a market capitalization of approximately $133 billion, CoinGecko data shows.
The SEC has delayed its deadline for reviewing Franklin’s XRP Fund. Source: SEC
In 2025, the SEC has fielded requests to authorize dozens of altcoin ETFs for US listing. As of April 21, approximately 70 crypto ETFs were awaiting the SEC’s review.
Asset managers are proposing funds holding “[e]verything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between,” Bloomberg analyst Eric Balchunas said in an April 21 post on the X platform.
The deluge of proposals comes as US President Donald Trump pushes the SEC to take a more accommodating stance toward cryptocurrencies.
However, analysts caution investor demand for altcoin ETFs may be tepid in comparison to funds holding core cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
“Having your coin get ETF-ized is like being in a band and getting your songs added to all the music streaming services,” Balchunas said.
“Doesn’t guarantee listens but it puts your music where the vast majority of the listeners are.”
Although US exchanges are embracing crypto ETFs, they are also urging the SEC to take a tough regulatory posture toward digital assets. In an April 25 comment letter, Nasdaq encouraged the SEC to hold digital assets to the same compliance standards as securities if they constitute “stocks by any other name.”
The attorney general for the District of Columbia, Brian Schwalb, alleges that Athena Bitcoin charged undisclosed fees and had insufficient safeguards to stop fraud and scams.
Immigration and asylum is back as the top issue of public concern the first time since Brexit, according to exclusive polling for Sky News.
It overtook the economy as the number one issue facing the country in YouGov’s latest poll in May, even before the summer dominated by the migration debate.
It is now at the highest point level of concern in over five years, since the small boats started crossing the Channel in significant numbers.
In the most recent YouGov poll, 58% picked immigration as one of the three top issues facing the country at the moment, while 51% pointed to the economy, 29% health and 22% crime.
The overwhelming majority of the public think this is because immigration is too high, with 70% saying this, 18% saying it’s about right, and 3% saying it is too low.
For decades, until very recently, successive prime ministers and chancellors have told voters that migration is a public good, but the public has not bought this argument.
Some 50% think immigration is having a negative impact on the UK, with 22% saying the benefits are equally weighed and 22% also saying that it has a positive effect.
The exclusive polling also reveals whether the public think other governments would be better at dealing with migration and small boats than Labour are.
Less than one in five – just 18% – think a Tory government would be doing much better, with 55% thinking they would be the same and 12% worse.
The more hardline approach outlined by Reform UK appears to have be noticed by the public. Some 40% think a Reform government would be handling migration and small boats better, and 26% the same, with 19% worse.
YouGov interviewed 2,268 GB adults between 31 August and 1 September.
One of the great tragedies of the way immigration policy has been debated in this country for years, if not decades, is that the conversation is mostly voiced in emotive rather than rational terms.
Those who air fears about the flows of foreign-born people into the UK are dismissed as bigots (most famously by Gordon Brown). Those who argue that immigrants are good for the economy are dismissed as being deluded or blind to a mounting crisis.
So what’s actually going on? Well, let’s take a deep breath, try if we can to ignore all the emotions, and focus instead on the numbers. What do those numbers tell us?
Highest net migration in British history
Well, the big picture is… big. The total flows of migrants coming into the country in recent years have been nothing short of astounding. While the figures have plateaued in the past 18 months or so, as of late 2023, immigration (which is to say, people coming to live here) was running at roughly 1.3 million people a year. Subtract those emigrating in that period (roughly 400,000), and that leaves you with net migration of nearly 900,000 people.
This is such a large number it’s actually quite hard to get your head around it, but here’s one way. As a percentage of the population (it comes out at about 1.25%), this is the highest net migration this country has ever experienced, since roughly comparable records began hundreds of years ago. Indeed, I cannot find another similar episode running back to the reign of Henry VIII.
Image: A recent anti-immigration protest in Bristol. Pic: PA
How did we get here?
It wasn’t all that long ago that David Cameron was promising to reduce net migration to the “tens of thousands” each year. So how did we get to a place where net migration was close to running into seven figures?
In large part, the answer comes back to the introduction of the new post-Brexit migration rules implemented under Boris Johnson’s government. Among these reforms were measures making it comparatively easier for non-EU nationals to get visas. There were also, perhaps even more importantly, new student visa rules making it easier to come and study in this country.
Image: Boris Johnson’s post-Brexit migration policy brought huge numbers of people to the UK. Pic: Reuters
Students and government policy
The upshot is that numbers of students from countries around the world (but mostly outside the EU, led by India, China, Nigeria, and Pakistan) flowed into this country. The extent to which these visas were really quasi-working visas, enabling young workers to come into this country to work in the gig economy, is something economists and officials are still picking over even now. But what is clear is that there is nothing normal about this influx.
It’s perhaps worth underlining at this stage that this immigration – the record flows, greater than anything we’ve seen since at least Henry VIII – is nearly all legal. These are people coming into the country not illegally or on small boats or via the asylum system, but having been issued with visas by the Home Office. This was a direct result of government policy (as well as the economic incentives of coming to a country like the UK). But that raises another question: how much of this was small boats?
After all, the vast majority of coverage in papers and television news in recent weeks has fixated on the small boats. So how much of that total do they account for? In short, just under 5% of the total.
None of this is to say small boats aren’t a very big issue for the UK. But, surprising as this might sound, given how many column inches are devoted to them, they are absolutely dwarfed by the legal flows.
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Labour’s new hard stance on migration
High legal migration – but small boats still at record levels
And while the flows of legal immigration to Britain (and, for that matter, student immigration) are among the highest in the developed world, flows of asylum seekers are considerably lower than in most other countries. Britain may rank number one in the OECD on students and number two on overall immigration, but it only saw the eighth-biggest flows of asylum seekers in the most recent year for which we have data (2023).
Of the total flows into the UK in the most recent time period, small boat arrivals accounted for a mere 4.8%. The vast majority is legal migration.
But that being said, the totals coming in on small boats and into the asylum system are nonetheless at unprecedented highs. Moreover, in recent years, asylum seekers have been less likely to be removed from the country. A growing proportion have been bailed, pending their cases, with the upshot that right now the total number of asylum seekers around the UK is close to 125,000 – about the size of Cambridge.
All of which is to say, both of the following statements are true: Firstly, small boats are a tiny fraction of overall immigration, and secondly, Small boat numbers are higher than ever before and are contributing to unprecedented levels of asylum seekers in the UK.
Britain is far from the only country to face these challenges. The question now is whether it can succeed in bringing down the flows and the backlog in the coming years.