The US Securities and Exchange Commission (SEC) says that it needs extra time to decide on the proposal from the Crypto Investment Manager Grayscale to launch an XRP Exchange-Traded Fund (ETF).
In January, the leading ETF Exchange New York Stock Exchange (NYSE) Arca submitted a proposed change of rule in the Securities Regulator to state shares of the Grayscale XRP Trust, which will follow the market price of the fourth largest cryptocurrency per market hood.
The SEC is supposed to choose the application on 6 April, or 45 days after the publication of the notification of the submission on 20 February, but the supervisor says it is now extending the assessment period to evaluate the application.
“The committee finds it appropriate to indicate a longer period within which the proposed change of rule can take action, as amended by amendment no. 1, so that it has sufficient time to consider the proposed rule change and the issues issued therein.”
The SEC must issue its decision within 45 days of recognizing the submission, but the period can be extended to 90 days if the agency determines that extra time is needed for the assessment.
“Accordingly, the Commission, in accordance with section 19 (b) (2) of the Act, appoints 21 May 2025, such as the date on which the Commission rejects or rejects or can determine whether the proposed rule change, as amended by amendment no. 1.”
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