The SEC delayed its decision on WisdomTree’s XRP ETF
The US Securities and Exchange Commission (SEC) has delayed its decision on WisdomTree’s XRP ETF again. The regulator said it is “appropriate to designate a longer period” before it delivers an approval or disapproval order on Cboe BZX’s application to list and trade fund shares.
The SEC established October 24 as the new decision date in the extension. This paves the way to delaying a potential decision of all pending spot XRP ETFs — excluding Franklin Templeton’s — until next month. The third review deadline for Franklin Templeton is September, and a potential final decision is anticipated in November.
SEC sets October XRP ETF deadlines as market reacts
The first of these final deadlines is set for October 18, when the SEC is due to decide on the Grayscale filing. More deadlines will follow closely after. Nonetheless, analysts think that the regulator might be able to approve all the outstanding XRP ETFs at once — similar to how it did with Bitcoin and Ethereum ETFs earlier in the year. Bloomberg’s Eric Balchunas and James Seyffart put the probability of approval at 95% at some point this year.
The development follows Friday’s wave of filings, with six asset managers amending their S-1 forms for XRP exchange-traded funds. At the same time, Grayscale submitted a fresh registration statement for its proposed XRP Trust ETF. According to Seyffart, the tweaks were probably in response to feedback from the SEC—a nice signal, even if it was anticipated.
The regulator noted in its notice that it needed more time to review the proposals and issues raised by the applications. The SEC delays are not unusual in the agency’s evaluation process for digital asset ETFs, with multiple extensions often preceding a final decision.
The filings coincided with significant market activity following Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole symposium. As earlier reported by Cryptopolitan, Powell hinted that interest rates could be lowered at the Fed’s September meeting, fueling a broad rally in risk assets.
Currently, interest rates are a full percentage point lower than when Powell spoke at last year’s Jackson Hole symposium, with the target range holding steady at 4.25% to 4.5% since December. Despite this, low unemployment gives the Fed some flexibility. However, on Friday, Powell noted things are not as easy to predict now, and the central bank is assessing whether its current policy stance may be overly restrictive.
SEC expands ETF delays as Canary Capital pushes ‘made-in-America’ crypto fund
The SEC has pushed back further on rulings on other altcoin ETFs, not just XRP. It’s also seeking public comments on Canary Capital’s staked TRX ETF. It has prolonged its review of the firm’s proposed PENGU ETF, also in the meme-coin category alongside a Dogecoin ETF filing.
Meanwhile, US-based digital asset investment firm Canary Capital Group has also submitted a filing with the Securities and Exchange Commission (SEC) to launch the Canary American-Made Crypto ETF (MRCA).
The proposed fund will track the Made-in-America Blockchain Index, which includes only cryptocurrencies created, mined, or primarily operated in the United States. Shares are expected to trade on Cboe BZX under the ticker MRCA. The trust also intends to stake its proof-of-stake holdings through third-party providers, adding rewards to the fund’s net asset value.
To qualify for the index, tokens must meet strict criteria set by an oversight committee: they must be eligible for custody with a regulated US trust or bank, maintain sufficient liquidity, and trade on multiple recognized venues. Stablecoins, meme coins, and pegged tokens are excluded, with the index rebalanced every quarter.
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