On a Monday as languid as a lepidopterist’s gaze, the august US Securities and Exchange Commission-that bastion of bureaucratic ballet-deigned to prolong the agony of five spot XRP exchange-traded fund proposals. 🦋✨ With a flourish of their quills, they reset the clock, pushing the final act into the misty embrace of October. In their “Notice of Designation of a Longer Period”-a phrase as redundant as a second sneeze-the Commission invoked the need for additional time, as if time itself were a rare spice to be hoarded. Under Section 19(b)(2)(B) of the Exchange Act, they proclaimed, with all the gravitas of a parrot reciting Shakespeare, that they “find it appropriate to designate a longer period.” Ah, the poetry of procrastination! 📜⏳
The five proposals, scattered across three listing venues like lost chess pieces, now waltz to staggered October deadlines. NYSE Arca’s Grayscale XRP Trust, the earliest to face the guillotine, has its fate sealed for October 18, 2025. The 180-day clock, ticking since February 20, would have expired on August 19, but lo! The Division of Trading and Markets, under the delegated authority of Secretary Vanessa A. Countryman, extended the window by a full 60 days. A statutory sleight of hand, if ever there were one. 🎩🕰️
Cboe BZX’s 21Shares Core XRP Trust follows a day later, on October 19, 2025, its original 180-day period having concluded on August 20. The SEC, ever the stickler for procedure, reiterated Section 19(b)(2)’s framework-180 days, extendable once by up to 60 days, with reasons published. How quaint! Bitwise’s spot XRP ETF proposal, also at Cboe BZX, now carries an October 22, 2025 action date, its filing published on February 24 and proceedings instituted in May. The Commission, with a flourish, extended the time period by the full 60 days. 🧐📅
Two proposals share the latest deadline: Nasdaq’s CoinShares XRP ETF and Cboe BZX’s Canary XRP Trust, both extended to October 23, 2025. In both orders, the SEC recited the same procedural litany-publication in late February, proceedings in May, and the additional 60-day designation at the end of the 240-day statutory maximum. A symphony of redundancy, conducted with all the flair of a metronome. 🎼🔁
Across the five orders, the legal mechanics are as identical as twins separated at birth. After a proposed exchange rule change is noticed in the Federal Register, the Commission must act within 45 days, extendable up to 90 days, or, if proceedings are instituted, within 180 days of publication. That 180-day period can be extended once by up to 60 days, with reasons stated. Each delay order explicitly cites Section 19(b)(2), recounts the publication date that started the clock, and sets the new outer deadline. As one order puts it, with all the drama of a soap opera, the Commission is “extending the time period for approving or disapproving the proposed rule change for an additional 60 days.” 🧮📝
While the substance of the Commission’s outstanding questions remains as opaque as a fogged mirror, the filings themselves and prior SEC proceedings hint at the usual suspects: the sufficiency of surveillance-sharing arrangements with “markets of significant size,” the reliability of reference pricing, and the treatment of custody and creation/redemption mechanics. These questions were formally teed up when the SEC instituted proceedings in May, a prerequisite to Monday’s clock extensions. A bureaucratic minuet, if ever there were one. 💃🕵️♂️
At press time, XRP traded at $3.02, a number as fleeting as a firefly in the night. 🪩💸
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2025-08-19 16:28