The Securities and Exchange Commission (SEC) has delayed its decision on CoinShares’ XRP exchange-traded fund (ETF), according to a notice published in the Federal Register. The agency had been expected to make a decision by May 26, but the deadline has been pushed back.
CoinShares’ ETF Applications
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CoinShares filed for the spot XRP ETF in March, aiming to track the price performance of XRP without holding it directly. Instead, it plans to invest in cash and other short-term debt securities, such as:
- Commercial paper
- Money market funds that hold U.S. Treasury bills
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A similar delay has been announced for CoinShares’ Litecoin ETF filing. The SEC typically takes several months to review new investment products like ETFs after they have been submitted.
Regulatory Process
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Sponsors often file multiple versions of an application as regulators seek additional information before making a final determination. This process can involve:
- Public comment periods
- Further revisions before a ruling is issued
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Regulators must provide written notice within 240 days after receiving an initial application for approval under normal circumstances. However, extensions beyond that timeframe are not uncommon due to various factors, including:
- Workload pressures at agencies
- Large volumes of applications from firms seeking to launch new financial products
Market Context
The SEC’s delay on these filings comes as cryptocurrency prices have seen significant volatility recently, with:
- Bitcoin falling below $30,000 last week
- Ethereum dropping below $2,000 earlier this month
In recent years, there has been increased interest in cryptocurrencies among institutional investors who view them as potential diversifiers within their portfolios alongside traditional assets such as stocks, bonds, and commodities.
Challenges Ahead
Despite the growing interest, regulatory uncertainty remains a major hurdle preventing wider adoption by mainstream investors. Key concerns include:
- Clarity around how these assets will be treated under existing laws and regulations
- Ongoing concerns about investor protection, especially in light of recent high-profile cases involving:
- The FTX collapse
- Celsius bankruptcy filing
The SEC’s delay on these filings may indicate ongoing challenges faced by regulators in balancing competing interests between promoting innovation and ensuring adequate safeguards to protect consumers.
As we continue to monitor developments surrounding crypto regulation, we will keep readers updated on any changes or updates related to this story.
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