The Securities and Change Fee (SEC) is delaying a choice on Grayscale, 21Shares, Bitwise and Canary’s Ripple XRP ETF functions. “The Fee finds it applicable to designate an extended interval inside which to take motion on the proposed rule change in order that it has ample time to contemplate the proposed rule change and the problems raised therein,” the regulator mentioned on Tuesday.
The choice is a step again for the crypto group, which was searching for the monumental approval of the primary XRP ETFs. These 4 functions are the one ones which have been delayed so far, however extra could come within the coming hours. Moreover, the regulator has already made a number of selections in assist of crypto, together with dropping investigations into a number of high exchanges. Nonetheless, the SEC wants extra time to contemplate the launch of a brand new XRP ETF.
Grayscale, the main crypto asset supervisor, initially filed to transform its XRP belief into an ETF in late January. The proposal was then acknowledged by the SEC in mid-February, the primary time an XRP ETF was acknowledged by the regulator. Moreover, the SEC additionally postponed making a choice on Grayscale’s Dogecoin ETF and Canary Capital’s Litecoin ETF earlier Tuesday.
At press time, XRP is up 5% to $2.18. Nonetheless, its value dipped a slight 1% following the SEC’s determination. The SEC designates Could 25-26, 2025, because the date by which they may both approve or disapprove the Grayscale, 21Shares, Bitwise and Canary XRP ETFs.
The SEC is now anticipated to file an identical 45-day extensions for the remainder of the XRP proposals from the likes of 21Shares and extra.
