The U.S. Securities and Exchange Commission (SEC) has delayed its decision on several XRP spot ETF applications, including the high-profile Grayscale XRP Trust conversion. The delay has sparked investor frustration and raised doubts over any near-term ETF approvals, despite rising interest from institutional players.
While analysts like James Seyffart of Bloomberg Intelligence emphasize that such delays are standard procedure, the broader market sees these postponements as a red flag given the legal cloud still hanging over Ripple Labs.
In particular, the May 15 court ruling in the SEC vs. Ripple case denied the SEC’s motion to revise an injunction on XRP’s institutional sales, complicating the pathway to ETF approval. With a potential Ripple cross-appeal looming, legal clarity may not arrive until later in 2025.
On May 20, XRP dropped 1% to $2.3566, underperforming the broader crypto market, which gained 0.82%. The price action reflects persistent legal headwinds and a lack of short-term ETF momentum.
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While XRP stumbled, Bitcoin (BTC) extended its rally, closing at $106,856 on May 20 — a new record high — fueled by legislative progress on Capitol Hill. The GENIUS Act, a landmark crypto regulatory framework, passed the Senate, boosting hopes for broader reform and paving the way for potential passage of the Bitcoin Act.
Introduced by Senator Cynthia Lummis, the Bitcoin Act proposes a government acquisition of 1 million BTC over five years with a 20-year statutory hold — a policy that could sharply restrict supply and drive long-term prices higher.
Bitcoin’s gains are further supported by robust ETF inflows across the U.S. market. On May 20, data from Farside Investors revealed net inflows of $41.7 million, excluding BlackRock’s iShares Bitcoin Trust.
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Since mid-April, total BTC ETF inflows have exceeded $6.63 billion, a historic sign of growing institutional demand.
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