XRP ETFs May Be First to Win SEC Approval: Here’s What Changed

Quick Highlights

• 7 firms filed revised XRP ETF applications with the SEC
• Mid-October deadline set for XRP and altcoin ETF decisions
• Experts say XRP ETF could be the first altcoin ETF approved

XRP ETF Filings Hint at Progress as SEC Opens the Door

Seven major ETF providers have submitted amended applications for spot XRP exchange-traded funds (ETFs), signaling that the U.S. Securities and Exchange Commission (SEC) is actively reviewing the proposals.

According to Bloomberg Intelligence analyst James Seyffarth, these updates show that the SEC is in direct communication with applicants—a strong indicator that the approval process is advancing.

Who Filed?

The updated applications, submitted on August 22, 2025, came from:

• Grayscale
• Bitwise
• Canary
• CoinShares
• Franklin Templeton
• 21Shares
• WisdomTree

These firms are looking to gain early positioning in the growing crypto ETF market, this time with a focus on XRP.

What’s in the Filings?

One key update came from Bitwise. According to its S-1 filing, the SEC requested clarity around the mechanics of issuing and redeeming trust shares.

The new filing includes an option to redeem in cash, not just in kind—a topic that was also contentious during the launch of spot Bitcoin ETFs.

What’s Next?

The SEC has set a mid-October 2025 deadline for most spot XRP ETF applications and other altcoin-related products. This timing matches Seyffarth’s earlier prediction that approvals won’t come before Q4.

Experts believe this wave of amendments is a natural step forward. Analysts at Kaiko Research suggest the XRP ETF may be first in line for approval, beating out other altcoin proposals.

Nate Geraci, CEO of The ETF Store, predicts that the SEC will approve spot altcoin ETFs “within a couple of months.” He also expects staking to be permitted in existing Ethereum ETFs soon, further expanding the crypto ETF landscape.

If approved, the XRP ETF would mark a milestone in mainstream crypto adoption—especially for altcoins beyond Bitcoin and Ethereum.