The ongoing U.S. government shutdown has stalled the approval process for the long-awaited XRP exchange-traded funds (ETFs). Several funds were originally scheduled for their approval deadlines in October, but the Securities and Exchange Commission (SEC) has paused all related actions due to the shutdown.
A crypto expert recently said that even after the government reopens, the SEC will still need around four weeks to process ETF applications. The Commission must clear accumulated backlogs, complete legal reviews, and finalize sign-offs before any approvals can move forward.
He said, “And even after the government resumes, it might take another 4 weeks to get to it. ETF likely approval is now late Nov to end of Dec.”
Some analysts expect the review process for crypto ETFs, including XRP, to move faster under the SEC’s updated framework. The agency has removed the 19b-4 requirement and introduced a new generic listing standard. This change could shorten the approval timeline by focusing only on the S-1 filing process.
Several asset managers, including Grayscale, 21Shares, Bitwise, Canary Capital, WisdomTree, and CoinShares are awaiting SEC approval for their XRP ETF applications. These deadlines were initially set between October 18 and October 25 but have been delayed due to the government shutdown.
Other ETF proposals for Litecoin (Canary, Grayscale, CoinShares), Solana (Grayscale, VanEck, 21Shares, Canary, Bitwise), and Cardano (Grayscale) are also facing similar setbacks.
According to data from Polymarket, the probability of XRP ETF approval by the end of 2025 has now surged to 99%.
Many industry experts had expected October to be a pivotal month for crypto ETF approvals. However, after the shutdown announcement, sentiment shifted. Nate Geraci, President of The ETF Store, suggested that the delay was inevitable. Meanwhile, Bloomberg’s senior ETF analyst, Eric Balchunas, compared the situation to a “rain delay,” a temporary pause, not a cancellation.
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