"SEC's XRP ETF Deadline Looms: Brazil Leads, U.S. Follows"

The U.S. Securities and Exchange Commission (SEC) has set a deadline for deciding whether to approve multiple exchange-traded funds (ETFs) that track the price of Ripple-promoted XRP directly. The SEC acknowledged another batch of XRP ETF filings, representing the agency’s formal review of the proposals. XRP is up 5.7% on the day, trading at $2.70 after climbing 11.2% in the last week, per CoinGecko data.

The SEC has acknowledged spot XRP ETF filings submitted by major asset managers Bitwise, WisdomTree, and Canary Capital. The regulator has asked for public comments to be sent 21 days after its filing was published in the Federal Register. The SEC then has up to 90 days to decide to approve, reject, or “institute proceedings”, with a final decision expected in up to 240 days.

The timing of the SEC’s acknowledgment coincides with growing speculation around the future of XRP amid the regulatory agency’s prolonged legal dispute with Ripple. The SEC is now seeking to reverse the SEC vs. Ripple court ruling, which determined that the blockchain firm’s programmatic sales of the XRP crypto were not securities transactions. However, some pundits are optimistic that the SEC may soon pause its appeal in the Ripple case, which could provide a clearer path forward for the third largest crypto by market cap.

Meanwhile, Brazil has officially outpaced the United States to greenlight the first-ever spot XRP ETF, with Hashdex receiving approval from Brazil’s securities regulator to list the Nasdaq XRP Index Fund on the B3 exchange.

In the past, the SEC has greenlighted the introduction of spot Bitcoin and Ether exchange-traded funds. Asset managers have since submitted a spate of crypto ETF filings in light of the crypto-friendly Donald Trump administration assuming office. Last week, the SEC also acknowledged spot XRP ETF filings from Grayscale and 21Shares, which bodes well for such an investment vehicle.

If the spot XRP ETFs successfully cross the regulatory finish line, they would likely attract considerable demand from institutional investors, subsequently putting the cross-border token on a path to new all-time highs. Popular analyst DonAlt has observed that XRP’s chart is “excellent.” However, not everyone is pleased about the increasing