The Securities and Exchange Commission (SEC) is delaying a decision on Grayscale, 21Shares, Bitwise and Canary’s Ripple XRP ETF applications. “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the regulator said on Tuesday.
The decision is a step back for the crypto community, which was looking for the monumental approval of the first XRP ETFs. These four applications are the only ones that have been delayed thus far, but more may come in the coming hours. Additionally, the regulator has already made several decisions in support of crypto, including dropping investigations into several top exchanges. However, the SEC needs more time to consider the launch of a new XRP ETF.
Grayscale, the leading crypto asset manager, originally filed to convert its XRP trust into an ETF in late January. The proposal was then acknowledged by the SEC in mid-February, the first time an XRP ETF was acknowledged by the regulator. Furthermore, the SEC also postponed making a decision on Grayscale’s Dogecoin ETF and Canary Capital’s Litecoin ETF earlier Tuesday.
Also Read: Chainlink Reverses 28% Drop: Can LINK Target $18?
At press time, XRP is up 5% to $2.18. However, its price dipped a slight 1% following the SEC’s decision. The SEC designates May 25-26, 2025, as the date by which they will either approve or disapprove the Grayscale, 21Shares, Bitwise and Canary XRP ETFs.
The SEC is now expected to file identical 45-day extensions for the rest of the XRP proposals from the likes of 21Shares and more.
Credit: Source link
