SEC Delays Decision on Grayscale XRP ETF Approval

# SEC Delays Decision on Grayscale's XRP ETF Proposal New York - The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Grayscale's proposal to launch an XRP ETF, according to Park Jae-hyung, a special correspondent. The SEC was initially expected to decide by April 6 on the rule change application submitted by NYSE Arca in January. However, the regulatory body announced it will extend the review period, citing the need for additional evaluation. Grayscale’s XRP Trust aims to track the market price of XRP, the fourth-largest cryptocurrency by market capitalization. If approved by the SEC, the product would be officially listed on the exchange. Regarding the delay, the SEC stated, “We believe it is appropriate to allocate more time for a thorough review of the proposed rule change and the accompanying amendments, as well as to carefully evaluate the raised issues.” By principle, the SEC must make a decision within 45 days of an application being filed, but it can extend the review period by up to 90 days if necessary. Consequently, the approval timeline for Grayscale's XRP ETF is likely to extend beyond the initially anticipated date.