Comprehensive Insights on SEC’s Ongoing Deliberations Over XRP ETFs
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SEC’s Decision on XRP ETFs Deferred Once Again
The United States Securities and Exchange Commission (SEC) has postponed its decision regarding the approval of XRP ETFs, inciting discussions about the timeline for potential approval. James Seyffart, a renowned market analyst from Bloomberg, has shared his perspective on the possible timing for the approval of these cryptocurrency ETFs.
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SEC Extends Review Period for XRP ETFs
According to an official statement from the SEC, the agency has extended its review period for CBOE’s application to list and trade shares of the 21Shares XRP ETF. Similarly, the decision regarding Grayscale’s XRP ETF has also been deferred as the second deadline for a decision approached.
The SEC is now facing its third deadline to decide on the Grayscale and 21Shares XRP ETFs, set for August 19 and 20, respectively. The final deadline looms on October 18 and 19. Meanwhile, the SEC has invited public comments and arguments for or against these filings. Notably, the second decision dates for the Bitwise and WisdomTree XRP ETFs are May 25 and 27, respectively, with anticipated delays from the SEC. The Canary and CoinShares ETFs face a similar situation with a second deadline on May 26.
Anticipation is building as the SEC may announce decisions on all these filings simultaneously, a strategy it has employed previously for filings with concurrent deadlines. Franklin Templeton’s XRP ETF has its second deadline scheduled for the 17th of the upcoming month.
In a positive development, CME XRP and Micro XRP futures were introduced earlier this week. Nate Geraci, President of the ETF Store, affirmed that the approval of XRP ETFs is inevitable. A regulated futures market ensures the SEC cannot reject these filings on grounds of potential manipulation, as courts have deemed the futures and spot markets to be comparable.
Projected Timeline for XRP ETF Approval
In a social media post, James Seyffart expressed that the SEC is unlikely to approve XRP ETFs before late June or early July. He anticipates approval is more probable in the early part of the fourth quarter of this year. Seyffart highlighted that delays in spot crypto ETF approvals are not unusual.
The Bloomberg analyst further elaborated that the SEC traditionally utilizes the full review period for such filings, making any early decision atypical, regardless of the current SEC administration’s stance on cryptocurrencies. Seyffart and his colleague Eric Balchunas estimate an 85% chance of XRP ETF approval this year. Concurrently, Polymarket data suggests an 83% likelihood of approval by 2025.
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