The US Securities and Exchange Commission (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 Next Deadline for XRP ETF
American journalist Eleanor Terrett just lately shared the update on X through a discover revealed on its web site.
The discover introduced an extension of the overview interval for Franklin Templeton’s proposed XRP ETF. The utility seeks to record the ETF on the Cboe BZX Exchange and would provide direct publicity to XRP, the fifth-largest cryptocurrency by market cap.
According to the replace, the unique determination deadline was May 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 overview the proposed rule change, shifting the deadline to June 17.
According to the discover, no public feedback have been submitted on the proposal up to now.
Meanwhile, this delay aligns with the SEC’s cautious strategy to crypto regulation. Earlier this 12 months, the fee additionally pushed again its determination on Grayscale’s Ethereum Spot ETF Staking Proposal. The Commission will resolve by June 1, 2025.
Some traders have shared their frustration on-line, saying the repeated delays could level to larger points with how the SEC handles crypto regulation.
XRP Price Holds Steady Amid US SEC ETF Delays
Since the announcement of the delay, the value of the Ripple-linked cryptocurrency has managed to carry above the $2.29 stage at press time. This reveals solely a light improve of 0.86% on the day.
The coin had reached a each 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.
However, 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 may 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 overview course of. The submitting follows 21Shares’ earlier submission of the 19b-4 type for a similar product.
While Dogecoin’s value 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 below Paul Atkins as Chairman.
Godfrey Benjamin
Benjamin Godfrey is a blockchain fanatic and journalists who relish writing about the true life functions of blockchain know-how and improvements to drive basic acceptance and worldwide integration of the rising know-how. His needs to coach individuals about cryptocurrencies conjures up his contributions to famend blockchain primarily based media and websites. Benjamin Godfrey is a lover of sports activities and agriculture.
Disclaimer: The introduced content material could embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.
