In-Depth Analysis: The Anticipated Launch of XRP ETFs in the US
In a rapidly evolving financial landscape, the race to introduce XRP Exchange-Traded Funds (ETFs) in the United States is intensifying. Numerous financial giants are anxiously awaiting the U.S. Securities and Exchange Commission (SEC) to deliver its verdict on their respective applications. As the deadlines loom, these prominent asset managers are pushing forward to secure a competitive edge in the burgeoning market for digital asset ETFs.
October: A Pivotal Month for SEC Decisions on XRP ETFs
Recent insights from cryptocurrency analyst Stedas reveal that a total of seven XRP ETF applications are currently under review by the SEC. This lineup includes a blend of major institutional entities and crypto-centric organizations, all striving to be pioneers in this highly competitive field.
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The first significant date is October 18, when the SEC is expected to announce its decision on Grayscale’s proposal for an XRP ETF. Grayscale, managing assets valued at $40 billion, is keen on expanding its investment offerings. Just a day later, on October 19, 21Shares hopes to secure approval for its Core XRP Trust ETF, supported by $7 billion in assets. Following closely, Bitwise, another renowned player in the crypto asset management space, will present its proposal on October 20, with $5 billion in assets under management.
CoinShares is anticipated to make headlines on October 23, as it awaits the SEC’s ruling on its $5 billion XRP ETF product. On the same date, Canary Capital, a smaller yet ambitious player with $200 million in assets, also looks forward to a final decision. Concluding the month, WisdomTree, with a staggering $113 billion in assets, will have its proposal evaluated on October 24.
In contrast, Franklin Templeton, a financial behemoth overseeing approximately $1.5 trillion, enjoys a slightly extended timeline, with its decision pushed to November 14. Collectively, these applications underscore a growing institutional appetite for XRP-based investment products.
Potential Impact of a US Government Shutdown on ETF Decisions
Amidst the anticipation, concerns arise regarding the potential impact of a U.S. government shutdown on the SEC’s decision-making process. Without an agreement between Republican and Democratic lawmakers on a new spending bill, the government faces a funding lapse on September 30, potentially triggering the first shutdown in nearly seven years.
As a federal body, the SEC would not be unaffected by such a shutdown. Although no official statements have been issued, the SEC’s Operations Plan from August 7 indicates that a shutdown would limit its operations to essential functions, consequently affecting its ability to review filings, conduct investigations, and manage market oversight.
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