Earlier this Tuesday, the U.S. Securities and Exchange Commission delayed its decision on an application by cryptocurrency asset manager Grayscale to convert its XRP trust into ETF. 

The SEC has stated that it finds it “appropriate” to extend the period within which it will decide what action it will take on the proposed rule change.  

The price of XRP has dipped by 1.2% on the news after spiking to an intraday high of $2.2 on the news. 

The SEC has also postponed making a decision on Grayscale’s Dogecoin ETF and Canary Capital’s Litecoin ETF earlier today. 

Grayscale, the leading crypto asset manager, originally filed to convert its XRP trust into ETF in late January. The proposal was then acknowledged by the SEC in mid-February. Notably, this was the very first XRP ETF filing that received acknowledgment from the regulator.   

The SEC is now expected to file identical 45-day extensions for the rest of the XRP proposals from the likes of 21Shares and Canary Capital.  

As reported by U.Today, investment behemoth Franklin Templeton also joined the XRP ETF race earlier today. BlackRock and Fidelity, the biggest players in the cryptocurrency ETF sector, are yet to file similar ETF proposals. BlackRock previously rejected the idea of launching such products for any alternative cryptocurrencies beyond Ethereum (ETH).  

The odds of XRP ETF approval have not been affected by the recent filing, currently standing at 75%, according to Polymarket bettors.