The U.S. Securities and Exchange Commission (SEC) has delayed its decision on ETF proposals for XRP from 21Shares and CoinShares. A final decision is anticipated in October.
Delay of ETF Proposals
The SEC has delayed the review of two ETF proposals for XRP from 21Shares and CoinShares, which were filed on November 21, 2024, and January 24, respectively. These proposals were officially acknowledged by the SEC in February.
Current Odds for Approval
Despite the delays, this does not imply that the SEC opposes the approval of such products, as they are merely procedural moves. Bloomberg analysts remain confident that XRP ETFs will be approved in the fourth quarter of 2023, despite opposition from Democratic SEC Commissioner Caroline Crenshaw, known for her anti-crypto views.
Overview of XRP Market
Currently, according to CoinGecko, XRP is trading at $3.02, having dropped by 3% in a day and 6% over the past week. The token recently fell below the $3 mark amid a broader market correction.
The ongoing delays in the consideration of XRP ETFs highlight the complex situation in the market. Expectations for SEC approval remain high, but views on the potential outcome are varied among the crypto investing community.
