The Securities and Exchange Commission (SEC) has set a deadline for a decision on whether to allow Exchange Funds (ETFs) that track prices for XRP (XRP).
The SEC has approved the filing of the 19B-4 by the New York Stock Exchange (NYSE) and asset manager Grayscale. This means that the committee currently has up to 240 days to make decisions regarding submissions.
Regulators previously recognized several other applications of crypto-centric ETFs, such as Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE), but this latest approval has led to the progress of the SEC against Ripple. Inside the lawsuit, XRP.
The SEC sued Ripple in December 2020 for allegedly violating U.S. Securities Act by selling XRP as unregistered security and raising funds. Ripple won the case in part in August 2023, with XRP considered non-security if sold in the secondary market by a federal judge.
The SEC filed an appeal in the lawsuit on January 15th – five days before Donald Trump takes office as US president – Ripple's approach to selling XRP will be used as a common criterion for identification It argued that it met the doctrine of Howey Test, which is used as a precedent for the Supreme Court. securities.
“They could have easily refused this submission,” he said in a post by X, president of ETF Store. “In my opinion, a huge message.”
Last week, Bloomberg ETF analysts James Seifert and Eric Balknath predicted that the XRP ETF is 65% likely to be approved by the end of 2025. Two analysts gave the LTC ETF (90%) the best chance, followed by Doge (75%) and SOL (65%).
All currently unpaid ETF applications for these assets will be subject to a decision in October.
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