Seven leading exchange-traded fund (ETF) companies have submitted updated S-1 documents to the U.S. Securities and Exchange Commission (SEC) for the registration of spot ETFs based on XRP. Among the applicants are Grayscale, Bitwise, Canary, CoinShares, Franklin, 21Shares, and WisdomTree. The applications were submitted to the SEC on August 22, 2025.
This is reported by Business • Media
Application Updates and Dialogue with the SEC
Bloomberg Intelligence analyst James Seyffart considers this move a positive sign and evidence of active dialogue between the regulator and the companies. According to him, the process of amending the documents indicates that the SEC is actively collaborating with issuers on launching new products in the cryptocurrency ETF market.
“A bunch of applications for XRP ETF registration are being updated by issuers today. Almost certainly due to feedback from the SEC. A good sign, but also mostly expected.”
As noted in the amended application from Bitwise, the SEC raised questions regarding the process of issuing and redeeming trust shares. Specifically, the issuer added the ability to conduct these operations not only in kind but also in cash. This aspect was problematic during the launch of the first spot Bitcoin ETFs.
Review Timelines and Approval Expectations
The deadline for reviewing most applications for spot XRP ETFs, as well as other altcoin-based products, is set for mid-October 2025. This aligns with James Seyffart’s earlier forecast, which emphasized that SEC decisions regarding these funds should not be expected before the fourth quarter of the current year.
Seyffart highlighted that the SEC’s request for amendments to the documents was entirely predictable in such a situation. Experts at Kaiko Research believe that XRP ETFs have the highest chances of receiving approval first among altcoin-based products.
Chairman of The ETF Store Nate Geraci also predicts that the SEC may give the “green light” for the launch of spot altcoin ETFs within a few months, and regarding staking in existing Ethereum ETFs, a decision could be made at any moment.