Following the successful launch of the Canary XRP ETF, which has made the strongest ETF debut with the highest first-day trading volume, the XRP community is now looking up to the next as the SEC releases a new update.
On Friday, Eric Balchunas, a Senior ETF Analyst, shared updates on new guidance released by the SEC’s Division of Corporation Finance to quietly speed up the filings for unsettled crypto ETF issuers.
While the SEC had only opened recently after the prolonged government shutdown, the move comes as part of the SEC’s efforts to effectively deal with the “900-plus registration statements” that piled up during the government shutdown.
All eyes on Bitwise XRP ETF
IIt is important to note that issuers of potential crypto ETFs had continued to submit their filings even during the government shutdown that kept the SEC’s office closed.
As such, this has created a massive backlog for the SEC upon its resumption; hence, it is now looking to make the job easy by allowing issuers who had already submitted their paperwork correctly to request a much faster review.
Thus, Eric emphasized that the development will favor crypto ETFs that did not file the 8-A form earlier, as they can now accelerate the effectiveness of their applications, bypassing the usual 20–40 day wait period.
Following this news, Eric has made a strong guess that Bitwise’s XRP ETF is likely next up, as its filings align suitably with the new SEC approach.
While this suggests that XRP investors might see the next ETF launch much faster than initially projected, the XRP community is optimistic that the launch of the Bitwise XRP ETF will come earlier than the expected November 19.
Notably, the move has further raised optimism about XRP’s performance for November, as recent events have projected November to be a big month for XRP.
Although XRP has consistently traded sideways since the beginning of the month, investors have remained resilient about its long-term price outlook.