The SEC Delayed 21Shares' Filing for an XRP ETF Despite High Optimism

The SEC delayed 21Shares' filing for an XRP ETF despite high optimism from recent regulatory developments. On top of this first setback

The SEC has delayed 21Shares’ filing for an XRP ETF despite recent regulatory optimism and the hype surrounding the product.

The SEC on Thursday postponed 21Shares’ application for an XRP ETF by three weeks. The commission also announced delays of at least three weeks for a Dogecoin ETF from Grayscale and five different Solana ETF applications.

Yesterday, the SEC announced similar delays for five different Solana ETF applications, adding to the disappointment. The ETF market is booming, and the SEC is currently under more pro-crypto leadership.

Why isn’t it approving any proposals? James Seyffart, a prominent ETF analyst, addressed these concerns:

“Delays on spot crypto ETFs are expected. A bunch of XRP ETPs have dates in next few days. If we’re gonna see early approvals from the SEC on any of these assets — I wouldn’t expect to see them until late June or early July at absolute earliest. More likely to be in early Q4,” Seyffart claimed.

He went on to state that the commission usually takes as much time as possible to thoroughly consider ETF applications. If the SEC isn’t forced to decide on an XRP ETF until October, it’ll take all the time it can get.

In addition to the bureaucratic minutiae of a transformative decision like this, the SEC also has to handle a wide range of other duties.

After postponing the XRP and Dogecoin ETFs, the SEC issued similar delays for two more altcoin-related products Thursday. Despite these setbacks, the odds of eventual approval are still pretty high.

Previously, most analysts emphasized that Litecoin would be the first altcoin ETF to get approval after Ethereum. This is due to the asset’s clear status as a commodity. Yet, the commission also postponed different Litecoin ETF applications earlier.

In any event, it looks like the XRP ETF and all other novel altcoin filings should prepare for a long wait. The SEC is giving some incredibly bullish signals about its views on crypto ETF regulation.

Nonetheless, government institutions operate on a different time scale from the rapid-firing crypto market. The commission won’t rush, no matter how good the market is.