The XRP ecosystem is approaching two critical deadlines that could significantly impact its legal standing and market accessibility in the United States.
The first key date is tied to the SEC’s review of the proposed Franklin Templeton spot XRP exchange-traded fund (ETF). The second involves a crucial update in the long-running SEC v. Ripple Labs lawsuit.
US XRP ETF Decision Likely by Late July
On June 17, the SEC extended its review of Cboe BZX’s application to list Franklin Templeton’s spot XRP ETF. As part of the extension, the agency opened a new public comment period.
The comment window runs for approximately 21 days, with a rebuttal period extending another 14 days. This timeline pushes the next decision window to late July 2025.
During this period, the SEC must either approve or deny the listing, or request further delays.
However, under the 240-day rule for such filings, the agency is expected to make a final ruling in this upcoming window.
The SEC’s decision will serve as a broader indicator of how it treats altcoin-based ETFs. Notably, the Commission is set to decide on several Solana ETF applications around the same time.
Ripple Lawsuit Progresses Toward August Status Report
Separately, the SEC and Ripple filed a joint motion on June 16 seeking to resolve key issues in their ongoing legal battle.
The motion requests the dissolution of a court-imposed injunction barring institutional XRP sales and a modification to Ripple’s financial penalty.
The parties also asked the US Court of Appeals for the Second Circuit to pause the appeal process. This gives the lower court time to review and potentially approve their proposed settlement terms.
A status report is due by August 15, 2025. That filing will confirm whether Judge Analisa Torres has accepted the joint motion or whether the appeals process will continue.
If approved, Ripple could regain the ability to sell XRP to institutional clients—removing a major legal hurdle to broader adoption and enterprise use.
Both late July and August 15 mark critical milestones for XRP. One centers on regulatory clarity in public markets; the other on legal resolution with the SEC.
Investors and institutions tracking XRP’s future will be watching closely as both processes unfold.
