The U.S. Securities and Exchange Commission (SEC) has delayed its decision on Grayscale’s application to list and trade shares of the spot XRP exchange-traded fund (ETF). The SEC initially reviewed this proposal submitted in January 2025 by NYSE Arca, with an amended version filed in February. Following these filings, the SEC published the proposal in the Federal Register in February. On March 11, the Commission extended the review period, and on May 20th issued an Order Instituting Proceedings to allow for further analysis and public comments. This order did not signal approval or rejection; it reflects the need for a deeper examination of whether the proposal aligns with SEC requirements regarding fraud prevention, market manipulation, and investor protection.