SEC Acknowledges XRP ETF Filing, Decision Due in 240 Days
The SEC has set a deadline to decide on an ETF tracking the price of XRP.
- The SEC acknowledged a 19b-4 filing from NYSE and Grayscale, allowing up to 240 days for a decision.
- This is the first response regarding XRP amidst an ongoing lawsuit against Ripple.
- The SEC's lawsuit claims Ripple sold XRP as an unregistered security since December 2020.
- A federal judge ruled in August 2023 that XRP is not a security when sold on secondary markets.
- The SEC appealed this decision, arguing it meets the Howey Test standards for securities.
- Bloomberg analysts predict a 65% chance for XRP ETF approval by the end of 2025.
- Other assets like LTC, DOGE, and SOL have higher predicted approval rates.
- Decisions on all outstanding ETF applications are expected in October.