XRP and Cardano ETF Approvals Still Not Arrived, SEC Remains Silent: What Happens Next?

The anticipated Cardano and XRP exchange-traded fund (ETF) filings from the U.S. Securities and Alternate Fee (SEC) are being overshadowed by the political gridlock in Washington.

This week, the SEC confronted a call deadline on three completely different XRP ETF filings and Grayscale’s Cardano ETF, however didn’t launch any statements. Because of the ongoing US federal authorities shutdown since October 1, the SEC is working at restricted capability and ETF approval processes have been briefly halted.

Andrew Jacobson, Halliday’s authorized counsel and former world head of authorized at 21Shares, stated in a press release that he expects the approval course of to maneuver shortly as soon as the federal government reopens.

“Fall is usually the busiest time for ETFs. Enterprise will transfer in a short time as soon as the federal government opens again up.”

The present shutdown is the second-longest authorities shutdown in US historical past. Based on a brand new ballot on cryptocurrency prediction platform Polymarket, solely 7% of traders consider the federal government will reopen on October 31.

This raises the potential for surpassing the file 35-day shutdown throughout Donald Trump’s first time period. Nevertheless, Kevin Hassett, director of the White Home Nationwide Financial Council, indicated this week that the shutdown may finish quickly. The US Senate will vote on authorities refinancing for the eleventh time.

Regardless of all of the uncertainty, expectations for a Cardano ETF stay sturdy. Based on information from Polymarket, customers estimate a 77% probability of a Cardano ETF being permitted in 2025.

These expectations have been additional bolstered by the SEC’s important modifications to the approval course of for crypto ETFs in September. The brand new laws shortened the approval interval for spot crypto ETFs from 240 days to 75 days and simplified the method for cryptocurrencies that meet sure necessities.

*This isn’t funding recommendation.