SEC Delays WisdomTree XRP ETF Decision Until October

The U.S. Securities and Exchange Commission has extended the review process for the proposed rule change to list and trade shares of the WisdomTree XRP ETF. With this development, the Commission has now delayed a potential approval order on all pending spot XRP funds till October, except Franklin Templeton’s.

SEC Delays Decision On WisdomTree XRP ETF

In a release, the SEC stated that it finds it appropriate to designate a longer period within which to issue an order approving or disapproving Cboe BZX’s proposed rule change to list and trade shares of the WisdomTree XRP ETF.

In line with this, the Commission remarked that it has designated October 24 as the date by which it shall either approve or disapprove the proposed rule change. This means that the SEC has now postponed its decision on all XRP funds except for Franklin Templeton’s until October. The third deadline for a decision on Franklin Templeton’s fund isn’t due until next month, while a potential final deadline comes up in November.

Meanwhile, the first of the final deadlines for these XRP ETFs is October 18, when the SEC has to approve or disapprove Grayscale’s filing. The other final deadlines follow Grayscale’s in quick succession.

However, there is the possibility that the SEC might approve all these funds by October 18, similar to how it approved the Bitcoin and Ethereum ETFs at the same time. Bloomberg analysts Eric Balchunas and James Seyyfart have stated that there is a 95% chance that the Commission will approve these XRP funds this year.

Meanwhile, ahead of a potential approval, all XRP ETF issuers have amended 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 said that it was also mostly expected.

SEC Provides Update On Other ETF Filings

Besides the XRP ETFs, the Commission has delayed its decision on other altcoin ETFs. In a separate release, the SEC called for comments on Canary Capital’s staked TRX filing while choosing to extend the review period for this fund.

Similarly, the SEC has also delayed its decision on Canary’s PENGU ETF filing. This is one of the pending meme coin-related ETFs alongside filings for a Dogecoin ETF.

Meanwhile, it is worth mentioning that Canary today filed for an ‘American-made Crypto ETF‘ that could eventually provide institutional investors with spot exposure to XRP. The fund will focus on coins that have U.S. ties either through their creation, minting, or protocol’s operations. XRP falls under these three categories, which means it could be included in the fund.