SEC delays XRP ETF decision, 8.42 billion DOGE stun futures traders

The SEC has postponed its decision on Grayscale's application to convert its XRP trust into an ETF. The agency finds it appropriate to extend the period of 180 days, within which it will decide what action to take on the proposed rule change, by 90 days, designating May 21, 2025, as the new date.

As for the application, it was submitted by Grayscale in January and acknowledged by the regulator in February. The trust pays out the gains and losses of XRP, trading on the New York Stock Exchange.

The SEC also announced today its decision to defer action on the proposed rule change submitted by Persistent Systems, to which it had previously granted approval in 2019. The agency will now make a final determination on the application by December 31, 2024.

At press time, XRP is changing hands at $2.32, recovering from a 1.2% drop following the news.

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On Tuesday, March 10, officials at the U.S. Securities and Exchange Commission announced their decision to postpone action on the proposed rule change submitted by Grayscale to convert its XRP trust into an ETF.

The agency stated that it finds it "appropriate" to extend the period of 180 days, within which the Commission will decide what action to take on the proposed rule change, by 90 days, designating May 21, 2025, as the new date for its determination.

The application for an XRP ETF was filed by Grayscale in January and acknowledged by the regulator in February. The trust pays out the gains and losses of XRP, trading on the New York Stock Exchange.

The SEC also announced today its decision to defer action on the proposed rule change submitted by Persistent Systems, to which it had previously granted approval in 2019. The agency will now make a final determination on the application by December 31, 2024.

As for the application, it was submitted by Persistent Systems in 2019 and relates to the establishment of a blockchain-based equity index futures and options exchange. The Commission's Division of Trading and Markets had granted approval of the proposed rule change, which would add a new Article XII to the Exchange's rules.

The SEC is currently accepting applications for a range of crypto-linked products. Earlier this year, it approved the first two Bitcoin futures ETFs from Bitwise and ProShares, paving the way for the launch of more such products.

Earlier this month, the regulator also approved an application by Shapeshift to operate a crypto futures and options exchange.

Despite the approvals, the SEC has faced pressure from lawmakers to speed up its approval process for various crypto products, including ETFs linked to major coins like Ethereum and Dogecoin.

In February, a bipartisan group of senators urged Chairman Gary Gensler to take swift action on the pending applications for spot Bitcoin and Ethereum ETFs.

The senators, including Mark Warner, D-Va., and Tim Scott, R-S.C., emphasized the importance of clear and consistent rules to guide the integration of digital assets into the financial system.

"We urge you to take swift action on the pending applications for spot Bitcoin and Ethereum ETFs and ensure that any new rules are applied consistently across the market," the senators wrote in their letter to Gensler.

Their request came in response to an open comment period by the SEC on a proposed new rule that would set forth the criteria for approving or rejecting applications for exchange-traded products linked to crypto assets.

The SEC is seeking input on how to streamline the approval process for ETPs, which includes ETFs and other types of exchange-traded derivatives.

The senators noted that the SEC has already approved Bitcoin futures ETFs and expressed their belief that similar products linked to other crypto assets, such as ether, should also be approved.

They highlighted the need for a balanced approach that integrates digital assets in a safe, efficient, and competitive manner.

"We urge you to take the necessary steps to complete the integration of digital assets into the financial system in a way that is consistent with the public interest and the protection of investors," the senators concluded in their letter.output: As part of a broader move to streamline its approval process for various crypto products, the U.S. Securities and Exchange Commission (SEC) has postponed its decision on Grayscale's application to convert its XRP trust into an ETF.

The agency stated that it finds it “appropriate” to extend the period of 180 days, within which the Commission will decide what action to take on the proposed rule change, by 90 days, designating May 21, 2025, as the new date for its determination.

The application for an XRP ETF was filed by Grayscale in January and acknowledged by the regulator in February. The trust pays out the gains and losses of XRP, trading on the New York Stock Exchange