XRP Exchange-Traded Funds (ETFs) Approval Anticipation
Anticipation is building around the potential approval of several XRP exchange-traded funds (ETFs), with decisions expected from the Securities and Exchange Commission (SEC) in October. The agency is set to review applications for six different XRP ETFs, with critical dates lined up for each:
- Grayscale’s application: October 18
- 21Shares: October 19
- Bitwise: October 22
- Canary Capital: October 23
- WisdomTree: October 24
- CoinShares: October 23
Recent Developments and Amendments
In a recent development, issuers of these XRP ETFs have been submitting amendments to their S-1 registration filings. Nate Geraci, president of NovaDius Wealth, highlighted that companies like Bitwise, Franklin, 21Shares, WisdomTree, Grayscale, and Canary are actively updating their filings. Notably, Grayscale’s recent amendment included a change to its ticker symbol, now listed as “GXRP,” a trend seen across multiple issuer filings.
With each new amendment rolling in, Geraci expressed optimism, suggesting that this surge of activity indicates an impending approval for spot XRP ETFs. For these funds to launch, the SEC must provide approval for the amended S-1s; thus, the latest developments carry considerable weight for the market.
Challenges and Delays
Earlier this month, the SEC missed a critical deadline for ETF approvals due to a government shutdown, leading to increased market speculation regarding the timeline for these approvals. According to crypto journalist Eleanor Terrett, the shutdown poses a significant barrier, as the SEC is currently operating with limited staff, further delaying necessary reviews and approvals for the S-1s.
In addition to these logistical challenges, Terrett noted that the SEC’s recent decisions to withdraw generic listing standards may mean that deadlines are less rigid than previously thought. Nevertheless, spot ETFs, categorized under the 1933 Securities Act as commodity trusts, still require explicit SEC approval to proceed. Therefore, without the SEC declaring these S-1 submissions effective, it’s unlikely that new spot crypto ETFs, including those pertaining to XRP, will commence trading until the government fully resumes operations and the SEC is back to its full capacity.
