February 19, 2025
No Final Decision Yet
In the filing, the SEC requested that comments be submitted within 21 days following the publication of the filing in the Federal Register. After this period, the SEC may approve, disapprove, or “institute proceedings” regarding the proposal.
A 19b-4 filing is the second step in the SEC’s two-step process for proposing a crypto ETF. After the filing is acknowledged, it is published in the Federal Register, marking the beginning of the SEC’s approval process.
The SEC had previously acknowledged spot XRP ETF filings from 21Shares and Grayscale but has yet to acknowledge filings from Canary Capital and WisdomTree.
Influx Of ETF Filings
Earlier, in January 2024, the SEC approved the listing of spot Bitcoin ETFs, followed by spot Ethereum ETFs in July. Recently, there has been an influx of spot crypto ETF filings, as the crypto-friendly Trump administration has come into power.
Meanwhile, a newly established crypto task force, led by Republican SEC Commissioner Hester Peirce, will focus on determining which crypto assets are securities, among other key priorities.
Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate that exchange-traded products based on XRP have a 65% chance of gaining approval.
