The U.S. Securities and Exchange Commission (SEC) has delayed XRP exchange-traded fund (ETF) proposals from 21Shares as well as CoinShares.
The two proposals were originally filed on Nov. 21, 2024, and Jan. 24, respectively.
The SEC acknowledged both of these proposals back in February.
The agency is expected to either approve or deny these applications in October.
What do recent delays mean?
Once the SEC acknowledges a certain application, it has a maximum review timeline of up to 240 days.
The recent delays do not mean that the SEC opposes the approval of such products since these are merely procedural moves.
As reported by U.Today, Bloomberg analysts are still certain that XRP ETFs will be greenlit during the fourth quarter of the current year despite staunch opposition from Democratic SEC Commissioner Caroline Crenshaw, who is known for her anti-crypto views.
Current Polymarket odds
According to Polymarket bettors, XRP ETFs currently have a 78% chance of being approved this year. This marks a significant decrease compared to the June 3 peak of 98%.
That said, the odds have recovered from a local low of 65%, which was recorded in early August.
Still, Polymarket bettors are seemingly less bullish on XRP ETF approval odds compared to Bloomberg analysts, who currently see a 95% chance of approval.
BlackRock will not be joining the race
Meanwhile, BlackRock recently confirmed that it would not be joining the XRP ETF race after months of speculation.
This means that Franklin Templeton will remain the most significant player to file for such a product.
Fidelity, despite filing for a Solana ETF, has also decided to remain on the sidelines.
XRP's price action
According to CoinGecko data, XRP is currently changing hands at $3.02 after plunging by 3%. The token is down by 6% over the past week.
As reported by U.Today, the token recently dipped below the $3 level amid a broader market correction.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team