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Expectations as regards potential XRP ETF approvals are still in place for October, with the SEC's decision anticipated on six applications.
The SEC is expected to decide on Grayscale XRP ETF (Oct. 18), 21Shares core XRP Trust ETF (Oct. 19), Bitwise XRP ETF (Oct. 22), Canary Capital XRP ETF (Oct. 23), WisdomTree XRP ETF (Oct. 24) and CoinShares XRP ETF (Oct. 23).
A recent update on XRP ETF applications reveals issuers making amendments to their S-1 filings. According to Nate Geraci, NovaDius Wealth president, another batch of S-1 amendments has come in for spot XRP ETFs from issuers including Bitwise, Franklin, 21Shares, WisdomTree, Grayscale and Canary. Grayscale's S-1 amendment filing updated the ticker to "GXRP." According to Geraci, other amendment filings also included ticker symbols.
"Getting close," Geraci said, obviously referring to an imminent XRP ETF approval. For spot ETFs, the SEC would need to approve the S-1s before launch, indicating the significance of the recent move.
Uncertainty lingers
At October's start, the SEC missed an ETF approval deadline due to the ongoing government shutdown, sparking speculation in the market.
According to crypto reporter Eleanor Terrett, the shutdown could affect ETF approvals because the SEC still needs to sign off on the S-1 and is operating on a skeleton crew.
In addition, since the generic listing standard went into effect and the agency asked issuers and partner exchanges to withdraw their 19b4s, Terrett speculates that deadlines technically might no longer matter.
Spot ETFs, though registered under the 33 Act as commodity trusts, require explicit SEC approval before launch. In this light, Terrett speculates that any new spot crypto ETFs, including those of XRP, might not begin trading until the SEC declares the S-1s effective, likely after the government shutdown is over and the agency returns to operating at full capacity.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team