The US Securities and Alternate Fee (SEC) has delayed its determination on Franklin Templeton’s request to launch a spot XRP exchange-traded fund (ETF). This new improvement leaves traders in an extended ready interval, stirring new reactions within the digital asset market.
US SEC Unveils Subsequent Deadline for XRP ETF
American journalist Eleanor Terrett lately shared the update on X by way of a discover printed on its web site.
The discover introduced an extension of the evaluate interval for Franklin Templeton’s proposed XRP ETF. The appliance seeks to record the ETF on the Cboe BZX Alternate and would supply direct publicity to XRP, the fifth-largest cryptocurrency by market cap.
Based on the replace, the unique determination deadline was Might 3, 45 days after the proposal was entered into the Federal Register on March 19. With this delay, the securities company has added one other 45 days to evaluate the proposed rule change, transferring the deadline to June 17.
Based on the discover, no public feedback have been submitted on the proposal to date.
In the meantime, this delay aligns with the SEC’s cautious method to crypto regulation. Earlier this yr, the fee additionally pushed again its determination on Grayscale’s Ethereum Spot ETF Staking Proposal. The Fee will resolve by June 1, 2025.
Some traders have shared their frustration on-line, saying the repeated delays might level to greater points with how the SEC handles crypto regulation.
XRP Worth Holds Regular Amid US SEC ETF Delays
Because the announcement of the delay, the worth of the Ripple-linked cryptocurrency has managed to carry above the $2.29 stage at press time. This exhibits solely a gentle enhance of 0.86% on the day.
The coin had reached a day by day excessive of $2.32 and a low of $2.26. On the 4-hour chart, XRP continues to commerce close to the highest of its weekly vary.
Nonetheless, a 46.09% dip in buying and selling quantity to $2.64 billion signifies that purchasing curiosity could also be shedding steam. The current optimism following the ProShares XRP ETF information is fading.
Market watchers now query whether or not the SEC’s indecision might trigger XRP to lose momentum.
21Shares Dogecoin ETF Re-ignite Hope For Approval
Nasdaq has filed a associated improvement to record the 21Shares Dogecoin ETF, triggering the SEC’s formal evaluate course of. The submitting follows 21Shares’ earlier submission of the 19b-4 kind for a similar product.
Whereas Dogecoin’s worth held regular at $0.1787, the submitting highlights rising institutional curiosity in crypto ETFs. It additionally maintains optimism for the broader approval of digital asset funds underneath Paul Atkins as Chairman.
The submit XRP ETF News: Franklin Templeton Faces SEC Decision Delay appeared first on CoinGape.