Seven major investment firms have resubmitted their applications to the Securities and Exchange Commission (SEC) seeking approval for XRP exchange-traded funds (ETFs). This move signals progress in the regulatory review process, with experts suggesting an early approval for a spot XRP ETF is likely. 📈 Here’s a breakdown of the key developments:
**Key Developments:**
* **New Applications:** Grayscale, Bitwise, Canary, CoinShares, Franklin Templeton, 21Shares and WisdomTree submitted revised applications with additional information and clarifications.
* **SEC-Requested Clarity:** One notable update came from Bitwise. They requested clarity on the redemption mechanics of their proposed XRP ETF.
* **Cash Redemption Option:** This feature is a significant change from the previous Bitcoin ETF models, offering investors a choice to redeem shares in cash instead of solely through kind-based transactions.
**Timeline and Expert Predictions:**
* **Mid-October Deadline:** The SEC has set a deadline for most spot XRP ETF applications by mid-October 2025. This timeline aligns with the expectations that approvals won’t be finalized before the end of Q4 2025.
* **XRP First Approval?** Experts believe this wave of amendments is indicative of a positive and natural progress in the approval process, with the XRP ETF potentially being the first to receive SEC clearance.
**Wider Impact:**
If approved, the XRP ETF would signify significant progress toward mainstream cryptocurrency adoption, particularly for alternative cryptocurrencies beyond Bitcoin and Ethereum.