XRP News Today: Legal Limbo Delays XRP ETF Approval as Market Waits on SEC's October Ruling
Grayscale Investments has updated its XRPXRP-- ETF filing, positioning its XRP Trust for a potential conversion into an exchange-traded fund (ETF) on the NYSE Arca. This move comes as institutional demand for XRP exposure accelerates, with multiple asset managers navigating a regulatory landscape still impacted by the U.S. government shutdown and ongoing legal battles between Ripple and the Securities and Exchange Commission (SEC) [5].
The SEC's review process for XRP ETFs has faced significant delays, with approximately 90 filings on hold due to reduced staffing during the shutdown. Grayscale's application, submitted under Form 19b-4, is set for a final decision by October 18, 2025 [4]. Other major players, including Bitwise, WisdomTree, and 21Shares, also await approvals by late October, with their S-1 filings under similar scrutiny [1]. Eric Balchunas, a Bloomberg ETF analyst, noted the pause in approvals, comparing it to a "rain delay" in a market where deadlines cluster in October [1].
The XRP ETF landscape has seen mixed momentum. While six XRP-focused ETFs-ranging from leveraged products like the ProShares Ultra XRP ETF to non-leveraged options like the Volatility Shares XRP ETF-are already trading, spot ETFs remain pending [1]. Meanwhile, EthereumETH-- ETFs experienced $175 million in outflows on October 10, 2025, as investors shifted focus to XRP applications [2]. Analysts suggest that approvals could catalyze billions in institutional inflows, boosting XRP liquidity and price. Ripple CEO Brad Garlinghouse has hinted at potential approvals before year-end, aligning with a broader push for crypto-friendly regulation [2].
Legal uncertainties, however, persist. The SEC's prolonged lawsuit against Ripple-alleging $1.3 billion in unregistered XRP sales-has complicated ETF approvals. A June 2025 court ruling clarified that XRP sold on public exchanges is not a security, but institutional sales remain contested [7]. This ambiguity has discouraged major investment until a resolution, now anticipated by late summer 2025. Legal experts estimate a 90% chance of XRP ETF approval post-settlement, with Canada's June 2025 launch of the Purpose XRP ETF offering a regulatory contrast [7].
Market reactions to these developments have been volatile. XRP prices dropped 12.6% in the week of October 10, 2025, amid broader crypto market turbulence linked to macroeconomic fears, including a proposed 100% tariff on Chinese imports [2]. Grayscale's XRP Trust, holding $16.1 million in assets, remains a key player as it seeks ETF status to enhance institutional accessibility [5].
The SEC's final rules on cryptocurrency ETFs also loom large. Recent guidelines require at least six months of XRP futures trading on platforms like Coinbase Derivatives for ETF eligibility . Ripple's legal team has urged Congress to establish tailored crypto regulations, arguing that outdated securities laws hinder innovation . Their proposed "network maturity" test-assessing decentralization and project age-could offer a framework for distinguishing securities from established digital assets .
With deadlines approaching and legal clarity on the horizon, the XRP ETF market stands at a pivotal juncture. Approvals could redefine institutional access to crypto, mirroring the transformative impact of BitcoinBTC-- and Ethereum ETFs. For now, investors and asset managers alike await October's regulatory verdicts, with ripple effects extending beyond XRP to the broader crypto ecosystem.
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