XRP spot ETF approval for October suffers major setback
Hopes for a landmark October rollout of spot cryptocurrency exchange-traded funds (ETFs) have been dealt a major setback, with altcoins including XRP caught in regulatory gridlock. The delay stems from a combination of procedural changes at the Securities Exchange Commission (SEC) and the ongoing U.S. government shutdown. In the days leading up to the shutdown, the SEC approved generic listing standards that eliminate the need for case-by-case 19b-4 filings. In this case, exchanges were instructed to withdraw their pending applications under the old system, paving the way for a more streamlined framework that would speed up approvals once operations resumed. Stalled ETF momentum For now, however, cryptocurrency journalist Eleanor Terrett noted that the shutdown has stalled that momentum. With large portions of the SEC’s workforce furloughed, the agency is limited to handling fraud cases and emergencies, leaving routine but essential proces...