TL;DR
The SEC has delayed decisions on proposed U.S. spot XRP ETFs, resetting timelines into October and extending a summer of anticipation. Notices published on August 18 allowed for extended review times for several issuers as the crypto markets remained positive. The move pauses launches while staff evaluate filings, comment letters, and potential market structure impacts.
21Shares’ Core XRP Trust, slated for Cboe BZX, now carries an October 19, 2025, decision deadline after an amended filing cycle and a May start to formal proceedings. CoinShares’ XRP ETF for Nasdaq has been postponed to October 23, 2025, and Grayscale, along with Bitwise, has also been granted similar extensions. The SEC often uses the full 270 days allowed for rule changes.
21Shares filed in November, with publication in the Federal Register months later and proceedings commencing in May. CoinShares proposed a rule change on February 7, and it was published on February 25.
Behind the scenes, staff are discussing technical sticking points with would‑be issuers, including staking policies and the mechanics of in‑kind creations and redemptions. The same set of notices also postponed a Truth Social Bitcoin and Ethereum ETF to provide more time for review. Observers describe the current chair as pro‑crypto yet methodical in pacing approvals.
The SEC says more time is needed to determine whether the proposals should be approved or disapproved. Behind the scenes, staff have held discussions with would‑be issuers on these points.
Bloomberg ETF strategists frame the postponements as procedural and not a signal on ultimate outcomes, which tempers near‑term disappointment. Commentators now place XRP alongside Solana and Litecoin as top‑tier candidates for spot approval, with some pundits assigning a 95% chance of a green light in 2025. Optimism persists even as decision dates roll forward.
Issuers will keep refining disclosures, surveillance language, and operations details while engaging with staff through the fall. The October deadlines create focal points for potential approval, denial, or another extension, and they keep launches on hold until orders are published this year. For investors, patience remains prudent while access and liquidity hinge on the ongoing review.
