In a statement, the SEC declared that it considers it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change by Cboe BZX to list and trade shares of the WisdomTree XRP ETF.
In line with this, the Commission indicated that it has designated October 24 as the deadline to approve or reject the proposed rule change. This means that the SEC has postponed its decision on all XRP funds, except for Franklin Templeton's, until October. The third deadline for making a decision on the Franklin Templeton fund expires next month, while the possible final deadline is in November.
Meanwhile, the first of the final deadlines for these XRP ETFs expires on October 18, by which date the SEC must approve or reject the Grayscale application. The other final deadlines follow quickly after Grayscale's.
However, there is a possibility that the SEC will approve all these funds by October 18, similar to how it simultaneously approved the Bitcoin and Ethereum ETFs. Bloomberg analysts Eric Balchunas and James Seyyfart have stated that there is a 95% probability that the Commission will approve these XRP funds this year.
Meanwhile, in light of a possible approval, all XRP ETF issuers have modified their S-1 filings. Seyffart noted that this development is almost certainly due to feedback from the SEC. He described it as a good sign, although he added that it was also quite expected.
In addition to the XRP ETFs, the Commission has postponed its decision on other altcoin ETFs. In a separate statement, the SEC requested comments on the application for participation in TRX from Canary Capital, while deciding to extend the review period for this fund.
Likewise, the SEC has also postponed its decision on Canary's PENGU ETF application. This is one of the pending meme coin-related ETFs, along with applications for a Dogecoin ETF.
Meanwhile, it is worth mentioning that Canary submitted today an application for a U.S.-made cryptocurrency ETF that could offer institutional investors exposure to XRP. The fund will focus on cryptocurrencies with ties to the United States, whether through their creation, minting, or the operations of the protocol. XRP falls into these three categories, meaning it could be included in the fund.
