The securities commission (SEC) has established a deadline for a decision on the question of whether it will allow a negotiated fund on the stock market (ETF) according to the XRP price (XRP).
The SEC has recognized a 19B-4 deposit by the New York Stock Exchange (NYSE) and the Director of Grayscale assets, which is the first time that he has responded to a file concerning cryptographic assets. This means that the Commission now has up to 240 days to make a decision on the file.
While the regulator has previously acknowledged several other applications for crypto-focused eths, included for Solana (Sol), Litecoin (LTC) and Dogecoin (DOGE), this latest acknowledage is significant give that the dry ‘ XRP.
The SEC continued Ripple in December 2020 for having pretended to violate American securities laws by selling XRP as an unregistered guarantee to collect funds. Ripple won the file in part in August 2023 and XRP was considered non-security when it was sold in the secondary markets by a federal judge.
The SEC posted an appeal in the case on January 15 – five days before Donald Trump took office as American president – arguing that Ripple’s approach to sell XRP respected the principles of the Howey test, a Previous of the Supreme Court used as a common standard to identify titles identification.
“They could have easily rejected this file,” said Nate Geraci, president of the ETF store in an article on X. “Huge message [in my opinion.]””
Last week, Bloomberg ETF James Seyffart and Eric Balchunas analysts predicted a 65% chance for an XRP ETF to be approved by the end of 2025. The two analysts gave the highest chances to an ETF LTC (90%), DOGE (75%) and SOL (65%).
All current FNB requests for these assets will receive a decision in October.
