The SEC delays making a decision on five different XRP ETF proposals

The United States Securities and Exchange Commission (SEC) has reportedly delayed its decision on Canary Capital, CoinShares, Bitwise, Grayscale, and 21Shares. The regulatory agency aims to take cautionary measures before allowing new ETF products to exist in the country.

This announcement was made public after the SEC highlighted that it had extended its decision on the 21Shares Core XRP Trust from the set deadline of August 20, adding 60 days, setting the new deadline for October 19.

The delay will provide the regulatory agency ample time to seek public opinion on the proposal and assess any regulatory concerns associated with the Exchange Act, typically known as the Securities Exchange Act of 1934.

The 21Shares Trust initially filed its proposal on February 6, followed by an updated Amendment No. 1 submission on February 12. If the SEC ultimately disapproves of the 21Shares application after the October 19 deadline, it would represent a significant setback in the regulator’s legal review process for this product.

The SEC delays making a decision on XRP ETF proposals

Like the 21Shares XRP ETF proposal, the SEC has postponed its decisions on Grayscale, CoinShares, and Bitwise XRP ETF filings. The regulator’s new deadline for all these proposals remains October 19, with analysts anticipating the agency may handle them consistent with previous Bitcoin and Ethereum ETF reviews.

If this expectation holds, the SEC could issue final decisions on all eight pending spot ETF applications—including Franklin Templeton, REX-Osprey, WisdomTree, and five others—by October 18, the initial final deadline set for these unsettled funds.

Speculation also suggests that multiple ETFs, including Solana-based funds, could launch simultaneously, as the SEC has extended its review for Solana ETFs to align with the October deadline.

Despite the optimism that a decision will be made soon, BlackRock, the biggest asset manager in the world, announced just recently that it will not apply for an XRP ETF. Other pending applications for cryptocurrencies include Cardano, Hedera, Litecoin, Avalanche, Dogecoin, and PENGU.

The SEC extends review of altcoin ETFs

A similar approach was applied to several altcoin ETFs and various filings, according to reports from a reliable source, the SEC had extended the deadline for its review period for Truth Social’s Bitcoin and Ethereum ETF. These funds are not the only funds that will expose investors to Bitcoin and Ethereum because the agency had earlier approved Hashdex and Franklin Templeton’s funds, which have similar functions.

In addition, before the August 24 deadline, the agency had earlier delayed its decision on the CoinShares Litecoin ETF.

Considering the above Scenario, October 23 seems to be the final deadline for the SEC to decide whether to approve or disapprove this fund. Canary Capital and Grayscale are among the firms that have submitted an LTC ETF application.

The deadline will also feature the regulatory body’s decision on staking for the 21Shares Ethereum ETF and Grayscale’s Dogecoin ETF.

Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.