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U.S. Securities and Exchange Commission (SEC) Commissioner Caroline A. Crenshaw has weighed in on the repeated delays surrounding applications for spot cryptocurrency exchange-traded funds (ETFs), including those tied to XRP. According to her recent comments, the holdup is not a sign of rejection but rather a result of the agency’s procedural requirements.
Investors Frustrated by Repeated Delays
The SEC has delayed multiple spot ETF proposals connected to XRP, including high-profile applications such as the one from Franklin Templeton. This ongoing pattern has led to growing frustration among crypto investors and analysts, many of whom have expressed concern about the commission’s slow progress.
Speaking on The David Lin Report, Commissioner Crenshaw addressed these concerns, noting that such delays are expected given how the SEC operates. “I warned investors from the beginning that this process would take time,” she said.
Why the SEC Is Taking Its Time
According to Crenshaw, the SEC must follow a rigorous review process for every exchange-traded product (ETP) filing. This ensures compliance with existing rules and sufficient time for evaluation. “We’ve received a large number of applications,” Crenshaw said, “and we are working through them carefully.”
Rather than moving quickly, she emphasized that the SEC operates deliberately. This structured process, while frustrating to some, is designed to uphold the agency’s responsibility to protect investors and maintain market integrity.
Crenshaw acknowledged the complaints from the crypto community but explained that the delays reflect internal workflow and policy standards—not resistance to innovation. “We know the delays are frustrating, but they are necessary,” she noted.
XRP ETFs Still Under Consideration
Crenshaw clarified that delays in decision-making should not be interpreted as rejections. “When you see delays, you should not assume that [the SEC is] ruling it out,” she said, reinforcing that XRP ETF filings remain under active review.
The commissioner’s comments are particularly relevant given the SEC’s history of approving futures-based crypto ETFs while taking more time with spot-based proposals. XRP is among the few digital assets that already have futures-based ETFs in the market, such as the Teucrium 2x Long Daily XRP ETF.
However, spot XRP ETF proposals—those backed directly by XRP rather than futures contracts—have yet to receive approval. More than 10 firms, including Franklin Templeton and Bitwise, currently have filings under review.
Next Decision Dates Are Approaching
The SEC has already postponed decisions on several XRP ETF filings, missing the first and second deadlines. The third round of decision dates is expected in August, and the final review period concludes in October. Under current rules, the agency must issue a final ruling by the end of that review window.
Industry analysts are optimistic about the timeline. Bloomberg ETF experts Eric Balchunas and James Seyffart have projected that spot XRP ETFs could receive approval by October, provided the SEC’s internal evaluations proceed smoothly.
Broader Implications for Altcoin ETFs
The XRP ETF review is part of a broader trend involving alternative crypto assets seeking ETF approval. While Bitcoin ETFs have already entered the U.S. market, altcoins like Ethereum and XRP are still undergoing extended scrutiny.
Crenshaw mentioned that the SEC continues to evaluate a “large volume of ETP applications,” including several tied to altcoins beyond XRP. She reiterated that the agency’s slow pace is about following proper channels, not shutting down innovation in the crypto space.
Conclusion: XRP ETF Decisions Still in Play
While the crypto community may find the SEC’s approach slow and bureaucratic, Commissioner Crenshaw’s remarks suggest that XRP ETFs are still on the table. The delays stem from the agency’s commitment to a methodical review process—not an outright rejection.
With final deadlines approaching in the next few months, all eyes will remain on the SEC’s next steps. If the optimism from analysts like Balchunas and Seyffart proves correct, the XRP community could see a major regulatory decision before the end of 2025.
Until then, Crenshaw urges patience. “We’re not ruling anything out,” she said—offering cautious reassurance to those waiting for regulatory clarity in the evolving digital asset space.
