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XRP ETF Issuers File Major Amendments Even as Shutdown Delays Approval

6 hours ago
Bitcoin Ethereum News

XRP ETF issuers have filed amendments for their respective registration statements, providing optimism even as the U.S. government shutdown delays a potential SEC approval. Market expert Nate Geraci, however, highlighted how this move indicates that a launch is getting close.

XRP ETF Issuers File Amended S-1s For Their Funds

U.S. SEC data shows that asset managers Grayscale, Bitwise, Canary, Franklin Templeton, 21Shares, and WisdomTree have all filed amended S-1s for their XRP funds. This comes despite a delay in potential SEC approval due to the U.S. government shutdown.

As CoinGape reported, the commission had put on hold the review or acceleration of the effectiveness of registration statements due to limited resources during the ongoing shutdown. However, crypto ETF issuers, including the XRP ETF issuers, have used this period to amend their registration statements, likely to ensure that they get an approval once the commission resumes fully.

Notably, some of the amended XRP funds include tickers, although trading fees are still missing. Gruascale’s fund will trade under ‘GXRP,’ while Franklin Templeton and Canary’s funds will trade under XRPZ and XRPC, respectively. Bitwise, WisdomTree, and 21Shares have yet to reveal the ticker for their respective funds.

Nate Geraci, NovaDius Wealth Management President, remarked that the XRP ETFs launch is getting close following the filing of the amendments for these funds. Notably, the final deadline for these XRP funds was next week under the 19b-4 framework. However, the SEC has since asked issuers to withdraw the 19b-4 filings as it plans to approve these funds under the generic listing standards.

No End In Sight For U.S. Government Shutdown

There is no end in sight to the ongoing U.S. government shutdown, which could further delay the approval of these XRP ETFs. Funding bills that have reached the Senate floor have so far failed to secure the necessary votes for passage.

Odds of this being the longest shutdownOdds of this being the longest shutdown
Source: Polymarket

Polymarket data shows that there is currently a 37% chance this shutdown will be the longest in U.S. history, surpassing the last shutdown, which lasted 35 days from December 2018 to January 2019. Bloomberg analyst Eric Balchunas noted that the shutdown has frozen everything when asked whether an approval could happen this October.

Source: https://coingape.com/xrp-etf-issuers-file-amendments-as-government-shutdown-delays-approval/