The U.S. Securities and Exchange Commission (SEC) says it needs additional time to decide on the crypto investment manager Grayscale’s proposal to launch an XRP exchange-traded fund (ETF).
In January, the leading ETF exchange New York Stock Exchange (NYSE) Arca filed with the securities regulator a proposed rule change to list and trade shares of the Grayscale XRP Trust, which will track the market price of the fourth-largest cryptocurrency by market cap.
The SEC is supposed to decide on the application on April 6th, or 45 days after the publication of notice of the filing on February 20th, but the regulator says it is now extending the review period to evaluate the application.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change, as modified by Amendment No. 1, so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
The SEC must issue its decision within 45 days of acknowledging the filing, but the period can be extended to 90 days if the agency determines that additional time is necessary for the review.
“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, designates May 21, 2025, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change, as modified by Amendment No. 1.”
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