The US Securities and Exchange Commission has its decision on the Bitwise application, the slightly Exchange Traded Fund and the XRP ETF requirement from Grayscale, which analysts had expected to be late.
The SEC said on May 20 that it had to increase its decision on Bitwise application by 45 days so as to “take into consideration the proposed change change and the issues raised in it”. The agency either had to come to a decision or defeat its decision by May twenty second.
The agency also delayed the choice for the XRP (XRP) -S -Tracking ETF and the Solana Tracking Fund from Bitwise (SOL), while he’s asking public comments and “using the proposals” of the proposals to be sure that they meet the official standards.
James Seyffart, analyst by Bloomberg ETF, said to X that each delays were expected since the SEC “normally needs full-time to react to a 19b-4 registration”.
“Almost all of those submissions have final due dates in October”, and an early decision could be “from the norm,” added Seyffart.
“No matter how crypto -friendly this second is. There is not any conspiracy here,” he said.
Source: James Seyffart
According to Seyffart, delays in other Spot Crypto ETF offers are also expected, and the SEC will probably also delay the choice about Litecoin (LTC).
However, he added: “Litecoin is one which is more more likely to be approved first than others.”
“A bunch of XRP ETPs has data in [the] Next day. If we’ll see early permits from the SEC in one in all these assets, I might only expect it to be absolutely earlier at the top of June or early July. It is more likely that it’s within the early fourth quarter, ”said Seyffart.
SEC that deals with the flood of ETF registrations
Several other crypto -ETF applications are approaching the SEC periods in June. The SEC is to decide on Grayscale's POLKADOT (DOT) prison by June eleventh and 21shares' Polkadot ETF on June twenty fourth.
After the election of Donald Trump in November and the next resignation of the previous SEC chairman, Gary Gensler, the SEC received an area of Altcoin Ein submissions.
The industry saw Gensler's time within the SEC as an era that was characterised by an aggressive regulatory attitude towards Crypto with 100 crypto -related regulatory campaigns during his term from 2021 to his resignation on January 20.
With Genlser's departure, the SEC is perceived as rather more crypto-friendly, whereby several firms were exposed to legal measures by the regulatory authority on February 26 and the crypto trade company Cumberland DRW on March 4.
