TLDR:
- SEC’s Hester Peirce confirms XRP ETF delays are due to process, not denial.
- ProShares Ultra XRP ETF (UXRP) will begin trading on NYSE Arca on July 18.
- Spot XRP ETF review extended to September 2025 as SEC continues evaluation of multiple crypto ETF filings.
- UXRP ETF uses futures contracts, avoiding direct XRP custody and spot market exposure.
As investor interest in cryptocurrency-backed financial products continues to grow, the potential approval of a spot XRP ETF has captured market attention. Despite recent delays by the U.S. Securities and Exchange Commission (SEC), optimism remains strong.
SEC Commissioner Hester Peirce has clarified that these delays are procedural and not rejections, suggesting that approval for a spot XRP ETF may be closer than expected—fueling further excitement ahead of the UXRP ETF launch.
SEC Clarifies XRP ETF Delay Is Not a Rejection
SEC Commissioner Hester Peirce has clarified that the ongoing delays in spot XRP ETF reviews are procedural and not outright rejections. She explained that the SEC is still assessing multiple applications and that the extended timeline is part of the agency’s structured approach to regulatory compliance.
Peirce acknowledged investor frustration and described the SEC as a “bureaucracy” bound by rules and processes. She noted that while the pace can be slow, it does not indicate a denial of any application. The Commissioner also confirmed that the agency is not closing the door on new ETF listings, including XRP and Litecoin.
SEC Commissioner Says Delays in XRP ETF Reviews Are Procedural, Not Rejection https://t.co/FkbeoOHCeu
— Michael Branch (@Michael63140627) July 16, 2025
She referred to the lengthy approval process for Bitcoin ETFs as an example of how regulatory standards can evolve. Peirce said the SEC is working to establish clearer requirements so that applicants can better understand what is expected, reducing uncertainty and delays in future cryptocurrency ETF proposals.
Spot XRP ETF Still Under Review as Approval Timeline Extends
The U.S. Securities and Exchange Commission has extended its review of Franklin Templeton’s spot XRP ETF application to September 2025. According to Commissioner Hester Peirce, the delay is due to ongoing compliance checks and additional market analysis, not a rejection. The application remains under active review, as part of the agency’s broader handling of crypto-related ETF proposals.
Other filings, including XRP and Dogecoin ETF applications from Grayscale Investments and 21Shares, are facing similar extensions. The SEC has also started proceedings for spot Solana ETFs submitted by 21Shares and Bitwise, which signals continued regulatory scrutiny rather than denial. These actions support the Commission’s stated aim of conducting a thorough and cautious evaluation process.
Commissioner Peirce noted that the current timeline reflects the agency’s complex rules and internal procedures. She confirmed that delays should not be misread as disapprovals. Instead, they show the SEC’s effort to build clear standards for evaluating crypto ETFs while protecting investors in traditional U.S. markets.
ProShares Ultra XRP ETF Set to Launch on NYSE Arca
While spot XRP ETFs are still under review, the SEC has approved the launch of a futures-based XRP ETF. The ProShares Ultra XRP ETF (UXRP) will begin trading on July 18 on NYSE Arca. The fund is designed to deliver two times the daily return of an XRP futures index.
The ETF will not hold XRP directly but will use futures contracts and swap agreements for exposure. This structure allows the fund to avoid some of the regulatory challenges tied to spot crypto products. It has also passed key listing requirements, including registration with the Depository Trust & Clearing Corporation (DTCC).
This launch follows similar products from ProShares for Bitcoin and Solana. It represents the first XRP-focused ETF product to gain approval in the U.S., drawing interest from institutional and retail investors alike.
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