The US Securities and Exchange Commission (SEC) hit the snooze button again on the two major spot XRP exchange-traded funds (ETFs) filings from Bitwise and CoinShares. These applications had second deadlines coming up later this month. However, the watchdog continues its now familiar pattern of dragging its heels on crypto-related ETFs.
The postponements come as approved Bitcoin (BTC) and Ethereum (ETH) linked ETFs are hitting positive inflows, depicting a surge in retail traders’ investment. The global digital asset market is buzzing and hitting fresh all-time highs (ATH) on the indexes. BTC went on to record its fresh ATH of around $111,900 on May 22, 2025.
SEC delays XRP ETFs again
According to Bloomberg’s James Seyffart, the decision on Bitwise’s ETF could come around August 23 and CoinShares’ on August 24. Adding to the regulatory traffic jam, the SEC also officially acknowledged a filing for a staked Tron (TRX) ETF from Canary Capital. It can be true that a staked TRX product could soon be under formal review, but an acknowledgment doesn’t mean approval. However, it does mark the start of the comment period and procedural countdown.
For XRP, the commission has now “instituted proceedings” for both Bitwise and CoinShares’ applications. It has opened the floor for public comment and rebuttals. Once the decision is published in the Federal Register, the public will have 21 days to respond. Then it will face another 35 days for counterarguments. It can be seen as a signal that the agency wants more input before making a final call, or even stop it for some more time.
As expected, more delays on crypto ETFs dropped today. Delays include @BitwiseInvest & @CoinSharesCo XRP ETFs. Delay on Litecoin ETF Filing. Delay on @Fidelity's In-kind Bitcoin filing.
On the more positive side: SEC acknowledged @CanaryFunds's staked TRX filing https://t.co/bqXHT5MAnS pic.twitter.com/LzrxfFZK2J
— James Seyffart (@JSeyff) May 22, 2025
Ripple’s XRP is already surrounded by hype after the blockchain firm managed to bag a partial win against the commission. XRP price has surged by a huge 360% in the last year, going from trading at $0.51 in November 2024 to around $2.43 on May 23, 2025. In the meantime, it also knocked out the $3 mark, back in January 2025.
Crypto ETFs just had their biggest day
As the delays continue to pile up, the regulator has also hit pause on CoinShares’ Litecoin ETF, Fidelity’s in-kind Bitcoin ETF. It has recently pushed back on XRP ETF filings from Grayscale and 21Shares too.
With Canary and WisdomTree’s XRP applications due later this month, the expectation is clear that more delays might be coming in.
Crypto ETFs may have started slow, but they’re now stampeding their way forward. US spot Bitcoin and Ethereum ETFs posted $1.05 billion in daily net inflows on Thursday. This has been the highest since January.
On May 22 alone, spot BTC ETFs pulled in $934.8 million as BlackRock’s IBIT led the way with $877 million of inflows. IBIT is now a top 5 ETF in the US by year-to-date inflows. It crossed $68.7 billion AUM and is raking in over $7.7 billion since April 22.
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