The U.S. Securities and Exchange Commission has delayed making a decision on CoinShares's XRP exchange-traded fund (ETF).
The Jersey-based digital asset investment firm originally filed an S-1 form to launch a spot-based XRP ETF in January.
In early February, CoinShares publicly announced that it had filed for the product with the Nasdaq exchange.
The U.S. then went on to officially acknowledge the firm's filing. This officially started the regulatory review clock.
The agency has 240 days to approve such a product once there is an official acknowledgement in the public registry.
The most recent delay does not necessarily mean that the SEC will necessarily reject the aforementioned ETF proposal.
According to Bloomberg, the SEC typically takes the full time in order to respond to ETF filings. It would be unusual for the SEC to approve such filings early, even with the new crypto-friendly administration. Virtually all of the filings have final due dates in late October, meaning that the XRP community should expect them to launch in the fourth quarter of the year. However, there is still a small chance of such products being approved as early as July.
The SEC is still widely expected to approve spot-based XRP ETFs later this year by the users of Polymarket, the leading cryptocurrency website.
As reported by U.Today, a futures-based XRP ETF from Volatility Shares made its debut earlier this week.
