The US Securities and Exchange Commission continues to delay making a decision on countless spot crypto ETFs, including over a dozen that want to track the performance of Ripple’s native token.
These postponements come even after the leadership changes at the agency following Trump’s presidential victory and Gary Gensler’s departure. So why is this? A popular XRP Army member outlined his take on the matter.
Why the Delays, SEC?
Recall that the US securities watchdog went on a delaying spree in mid-August, by extending the deadlines for numerous spot XRP ETF applications to October, which urged the issuers to make several changes to their applications. This was just the start, as the SEC delayed Franklin’s filing as well earlier this week, whose deadline is now set for November instead of September 17.
John Squire, a popular and vocal member of the XRP Army, decided to dig a little deeper into these postponements, especially the Franklin ETF. He noted that the agency “almost always” delays first-round ETF filings, as it did multiple times for the applications for Bitcoin and Ethereum before eventually approving them. This helps it buy some time for public comments and more in-depth internal review, he added.
Squire, who has over 500,000 followers on X, believes there’s political pressure because once the SEC approves the XRP ETFs, this would equal recognizing institutional demand for the asset.
“The SEC drags its feet to avoid moving ‘too fast’ in a hot political year.”
He added that the agency wants “clarity on custody, settlement, and surveillance-sharing agreements,” as it aims to check every box before approval.
Delays Are Not Rejections
Squire emphasized that even though the Commission has delayed numerous ETF applications, it hasn’t rejected them, which should be considered a positive sign. Both Bitcoin and Ethereum went through similar procedures before the inevitable green lights in 2024.
The popular X user indicated that Wall Street wants exposure to XRP and concluded that Ripple ETFs are “inevitable.”
Bottom line:
A delay is not rejection. It’s part of the SEC’s checklist.
Wall Street wants exposure.
And sooner or later, spot $XRP ETFs are inevitable.
— John Squire (@TheCryptoSquire) September 12, 2025
ETF experts and Polymarket odds tend to agree with his bold statement. Nate Geraci from the ETF Institute recently said that the actual chances for XRP ETFs to reach the US markets this year are closer to 100%, while the betting platform is currently not far from that number.
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