US SEC Commissioner Caroline A. Crenshaw has addressed his complaints about the slow pace of reviews of spot-based crypto ETFs, including those tied to XRP.
Several investors have expressed dissatisfaction with the repeated delays of the SEC in determining the fate of Spot ETFs tied to Altcoins such as XRP. In June, the committee delayed its decision on the Franklin Templeton spot XRP ETF application, as it did for several XRP ETF filings in the previous months.
The reason behind the delay
In a recent interview with David Lin Report (TDLR), Commissioner Caroline commented on repeated delays in SEC’s approval of XRP ETFs, highlighting the decision-making process.
“(…) So we’re working together. We’ve got a lot of applications on the replacement product side. She said.
Despite growing complaints, Caroline suggested that the SEC would stick to the established review process of multiple applications in AltCoin ETF. She emphasized that this broad review would be the case. “It definitely makes people irritate.”
SEC does not rule out launching Spot XRP ETF
However, the committee members revealed that the SEC has not ruled out the possibility of the launch of the XRP ETF despite the delays.
“If you see a delay, don’t assume that (the SEC) controls it.” She said. Delays in financial instrument decision-making are part of the SEC review process, allowing sufficient time for thorough evaluation.
Potential deadline for launching XRP ETFs
In the context, more than 10 future publishers, including Franklin Templeton and Bitwise, are about to launch Spot XRP ETFs in the US.
So far, the SEC has already missed the decision deadline for these products. The third deadline for some of these products is scheduled for August, with the fourth and final deadline being October.
Several experts, including Bloomberg ETF analysts Eric Bulknath and James Seifert, believe the SEC will approve these SPOT XRP ETF applications by October.
The SEC has not yet approved the Spot XRP ETF application, but the committee has given implicit approval for the launch of multiple futures XRP ETFs, including the Teucrium double daily XRP ETF.