The Commission of Securities and Exchange (SEC) has established a deadline for a decision on whether it will allow a fund quoted by the exchange (ETF) to track the price of XRP (XRP).
The SEC recognized a 19B-4 presentation by the New York Stock Exchange (NYSE) and the Groyscale Assets Manager, which is the first time he responds to a presentation on the cryptographic asset. This means that the commission now has up to 240 days to make a decision on the presentation.
Although the regulator has previously recognized several other applications for Cryptographic ETFs, even for Solana (Sol), Litecoin (LTC) and Dogecoin (Doge), this last recognition is significant since the continuous demand of the SEC against Ripple, The XRP issuer.
The SEC sued Ripple in December 2020 for allegedly violating US values laws when selling XRP as an unregistered security to raise funds. Ripple won the judicial case partially in August 2023 and XRP was considered a non -security when a federal judge sold it in the secondary markets.
The SEC presented an appeal in the case on January 15, five days before Donald Trump assumed the position as president of the United States, arguing that Ripple’s approach to sell XRP complied with the principles of the Howey test, a precedent of the Supreme Court used as a common standard to identify values.
“They could have easily rejected this presentation,” said Nate Geraci, president of the ETF store in a publication about X. “Huge message [in my opinion.]”
Last week, Bloomberg Etf James Seyffart and Eric Balchunas analysts predicted a 65% probability for an ETF XRP to be approved at the end of 2025. The two analysts gave the highest possibilities of an ETF LTC (90%), followed of Doge (75 (75 (75 %) and Sol (65 %).
All current ETF requests for these assets will receive a decision in October.
