Ah, the grand theater of the US crypto ETF market, where delays are the main act and the SEC plays the role of the ever-cautious director, extending reviews for major digital asset funds like a suspenseful cliffhanger in a novel.
Yet, amidst this bureaucratic ballet, a glimmer of hope emerges! The SEC has finally acknowledged a new TRX staking ETF, a move that brings a sprinkle of cautious optimism to the weary souls of industry stakeholders. Who knew waiting could be so thrilling? 🎭
SEC’s Dramatic Delays on Major Crypto ETFs
In a recent SEC filing, the Commission decided to hit the snooze button on CoinShares’ proposed XRP ETF, pushing the review ahead of its second deadline on May 26. It seems the agency has also decided to delay its ruling on CoinShares’ application to list and trade shares of its Litecoin ETF on the Nasdaq exchange. Because why rush when you can savor the suspense? ⏳
However, in a plot twist, it officially recognized Canary Capital’s product offering exposure to staked TRX, signaling a slight progress in the regulatory pipeline. This would be the first exchange-traded fund offering exposure to TRX with staking features. A true innovation, or just a clever way to keep us on our toes? 🤔
This formal recognition is not immediate approval, mind you. But it is significant because it signals the SEC is willing to assess new types of digital asset ETFs, including those that incorporate staking for yield. A brave new world, indeed!
The CoinShares XRP ETF would exclusively hold XRP and cash, tracking the token’s value while undergoing a thorough regulatory examination. During this review, the SEC is inviting public comments to determine compliance with Exchange Act requirements. No approval or disapproval has been issued—only a deeper dive into the bureaucratic abyss.
“As expected, more delays on crypto ETFs dropped today. Delays include BitwiseInvest & CoinSharesCo XRP ETFs. Delay on Litecoin ETF Filing. Delay on Fidelity’s In-kind Bitcoin filing. On the more positive side: SEC acknowledged @CanaryFunds’s staked TRX filing,” ETF analyst James Seyffart posted on X. Because who doesn’t love a good delay? 😂
The analyst previously noted that delays on spot crypto ETFs were expected. According to Seyffart, any potential early approvals from the SEC are unlikely to materialize before late June or early July. He even set a more realistic timeline for approvals, pointing to early in the fourth quarter. Patience is a virtue, or so they say!
The latest developments come as the 21Shares XRP ETF and Grayscale Dogecoin ETF are facing extended timelines. The Commission also announced similar delays for five different Solana ETF applications recently, adding to the collective sigh of disappointment. Just another day in the life of crypto enthusiasts! 😅
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2025-05-23 14:05