XRP news today: SEC Delays XRP ETF Decision Until June 17, Further Delays Possible

The Securities and Exchange Commission (SEC) has delayed its decision on the XRP Spot ETF until June 17, disappointing market hopes for a quicker resolution. This delay is part of a broader pattern of postponements, as the SEC also pushed back rulings on Dogecoin and Ethereum staking ETFs, with potential further delays until mid-October.

Despite the delay, the market did not experience a significant reaction. The SEC has been cautious in making precedent-setting decisions, such as a settlement with Ripple, and may still decide on an XRP ETF before October. The crypto industry is eagerly awaiting an XRP ETF, with false rumors circulating and the XRP ETF beginning to trade in Brazil, further fueling optimism. However, the SEC's official delay of Franklin Templeton’s XRP ETF proposal dampened these sentiments.

The SEC's delay on Bitwise’s Dogecoin ETF proposal and an Ethereum staking ETF proposal adds to the bearish signal. Analyst James Seyffart noted that these delays were anticipated and predicted that the Commission will likely delay decisions on Solana and HBAR ETFs as well. Seyffart explained that these dates are intermediate and that final decisions on many crypto ETPs are expected in the fourth quarter. For the XRP spot ETF, Seyffart is eyeing mid-October, around the 18th, as a final decision deadline.

Although the SEC is under more crypto-friendly leadership, this does not guarantee an immediate wave of ETF approvals. With over 70 active ETF proposals awaiting verdicts, the Commission must proceed carefully to sort through them all. The June deadline is not final, and further delays until mid-October are possible. Following the delay, Polymarket odds of Q2 XRP ETF approvals saw a sharp decline.

The crypto community was already aware that October would be the latest possible deadline. The SEC must be cautious about establishing a new precedent with these crypto ETFs to avoid unpredictable market outcomes and criticism of losing neutrality. Although the Commission is committed to its new stance, a spree of ETF approvals might invite further pushback.

In summary, the SEC's delaying action is not as bearish as it first appears. Given the Commission's cautious approach in different areas, the market can easily stomach another new deadline. October is presently the worst-case scenario, but depending on various factors, the SEC could approve an XRP ETF much sooner than that.