XRP ETF Timeline at Risk: Appeal Delay Impacts Market Momentum
Speculation Grows Around SEC Vote Timing in Ripple Case
Insights from Former SEC Lawyer on Appeal Withdrawal
Recent discussions have heightened regarding when the SEC might cast its vote concerning the Ripple case. Marc Fagel, a former attorney for the SEC, has been actively clarifying misunderstandings about the agency’s closed meetings. Over the weekend, he addressed inquiries regarding the timeline for potentially withdrawing appeals, noting:
“It generally takes the SEC about one to two months to make a decision on enforcement recommendations. However, without knowing when the enforcement team decided to suggest dismissing the appeal following the Judge’s June 26 order, any timeline is purely speculative.”
On June 26, Judge Analisa Torres dismissed a joint request from the SEC and Ripple for an indicative ruling on settlement terms. The day after, Ripple announced it would retract its cross-appeal, indicating a mutual agreement to withdraw appeals despite the ruling from Judge Torres.
With the SEC’s closed meeting scheduled for Thursday, it will mark a month since the judge’s rejection, aligning with Fagel’s estimated timeline of one to two months for a decision.
The ongoing delays in resolving the Ripple case could also impact the SEC’s approach to XRP spot ETF applications.
Update on Grayscale Digital Large Cap ETF Launch
The SEC recently approved Grayscale’s proposal to modify its Digital Large Cap Fund (GDLC) into the Grayscale Digital Large Cap ETF (GDLC) as of July 1. This ETF is set to invest in major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and XRP. However, the SEC has issued a stay order that currently prevents Grayscale from launching the ETF focused on Ethereum. Following this approval, Grayscale challenged the SEC’s stay order on July 11.
