Source: Cointelegraph
Original: “SEC Delays Decision on Ethereum (ETH) Staking and Ripple (XRP) ETF, Analysts: Expected”
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on Bitwise's application to include its Ethereum exchange-traded fund (ETF) in staking, as well as on Grayscale's application for a Ripple (XRP) ETF, a result that analysts had long anticipated.
On May 20, the SEC stated that it needed to postpone its decision on Bitwise's application by 45 days to "consider the proposed rule changes and the issues raised therein." The agency must make a decision by May 22 or delay it again.
The agency also postponed its decision on Grayscale's Ripple (XRP) tracking ETF and Bitwise's Solana (SOL) tracking fund, while seeking public input and initiating "procedures to allow for further analysis" to ensure these proposals meet regulatory standards.
Bloomberg ETF analyst James Seyffart stated on X platform that both delays were expected, as the SEC "typically takes the full time to respond to 19b-4 filings."
"Almost all of these filings have final deadlines in October," Seyffart added, noting that an early decision would be "out of the ordinary."
"No matter how friendly the SEC's attitude towards cryptocurrency is, there is no conspiracy here," he said.
Seyffart indicated that the delays for other spot cryptocurrency ETF applications were also anticipated, and the SEC is likely to delay its decision on the Litecoin (LTC) ETF as well.
However, he added, "Litecoin has a higher likelihood of being approved ahead of other assets."
"There are multiple deadlines for Ripple ETPs in the coming days. If the SEC is to approve any of these assets early, I expect it to be no sooner than late June or early July, and more likely in early Q4," Seyffart noted.
Several other cryptocurrency ETF applications also have SEC deadlines approaching in June. According to SEC documents, the SEC is expected to decide on Grayscale's Polkadot (DOT) tracking ETF by June 11 and on 21Shares' Polkadot ETF by June 24.
After Trump was elected in November and former SEC Chairman Gary Gensler subsequently resigned, the SEC received a large number of altcoin ETF applications.
The industry believes that Gensler took an aggressive regulatory stance on cryptocurrency during his tenure at the SEC, with the agency taking 100 regulatory actions against cryptocurrency from 2021 until his resignation on January 20.
With Gensler's departure, the SEC is perceived to have a more friendly attitude towards cryptocurrency, with several cases against companies facing legal action from the agency being dismissed, including the case against cryptocurrency exchange Gemini on February 26 and cryptocurrency trading firm Cumberland DRW on March 4.
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