The U.S. Securities and Exchange Commission (SEC) is currently reviewing a crowded series of applications for exchange-traded XRP funds, as several major asset managers await decisive decisions in the coming months.
This momentum came after the legal victory achieved by Ripple last August, which removed major regulatory hurdles and restored confidence regarding institutional adoption of XRP.
The first XRP fund enters the market
ProShares became the first to receive SEC approval in July, launching the Ultra XRP ETF on the New York Stock Exchange (NYSE Arca) on July 18. This fund provides investors with double (2x) exposure to XRP futures contracts, marking a milestone in the history of the digital asset.
A wave of applications for spot XRP funds
A stream of applications for spot ETFs on XRP is currently ongoing.
Grayscale is seeking to convert its XRP investment trust into an exchange-traded fund, with a decision deadline on October 18, 2025.
The next day, 21Shares is awaiting a decision on its 'Core XRP Trust' fund.
Followed by Bitwise on October 20.
The schedule continues with other dates:
Canary Capital (October 24).
WisdomTree (October 25).
Both Franklin Templeton and CoinShares on the same date.
All of these proposals aim to provide direct and regulated exposure to XRP, similar to the Bitcoin and Ethereum spot funds that were previously approved.
Other files still pending
Other companies still on the waiting line:
RexShares, in collaboration with Osprey, filed an application earlier this year, but its decision, which was scheduled for July 25, has been postponed.
Volatility Shares is also seeking to launch a 1x fund and a 2x leveraged fund linked to XRP futures, but the review of the application has also been postponed.
What's next?
Analysts believe that the SEC will eventually work to establish a unified regulatory framework to handle the wave of crypto fund applications.
Nath Geraci, president of NovaDius Wealth Management, stated to CNBC that he expects this framework to include other major currencies such as Solana, Cardano, and HBAR, which could provide greater clarity to the rapidly expanding market.
With deadlines accumulating in late October, SEC decisions may determine whether XRP will catch up with Bitcoin and Ethereum in the era of exchange-traded funds, or face further delays that keep uncertainty alive.
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