SEC is set to decide on six Spot XRP ETF applications in October

The SEC will decide on six spot XRP ETF applications between October 18-25, as Ripple’s bank charter decision also looms.

The U.S. Securities and Exchange Commission (SEC) is preparing to review six spot XRP ETF applications in October. The decisions, set between October 18 and October 25, will be closely watched by the crypto community. If approved, XRP would join Bitcoin and Ethereum in the select group of cryptocurrencies with U.S.-listed spot ETFs.

XRP ETFs Awaiting SEC Ruling

The SEC recently approved new listing standards for crypto ETFs, which could affect the review process. These updated guidelines aim to simplify the approval procedure for crypto products. As a result, the agency is expected to make quicker decisions on ETF filings, including those for XRP.

Rising Interest in XRP Futures

XRP futures are also gaining significant attention. CME Group reported that XRP futures open interest surpassed $1 billion, marking rapid growth. The launch of XRP and Micro XRP futures options on October 13 could further boost institutional interest in XRP. These developments suggest that more institutions are looking to access XRP in a regulated environment.

The growth of XRP futures is happening alongside the ETF reviews. This shows a rising appetite for XRP-based investment products. As more institutional investors show interest, XRP’s role in traditional finance continues to expand.

Ripple’s Bank Charter Decision Pending

In addition to the ETF decisions, Ripple’s application for a national bank charter is under review. The Office of the Comptroller of the Currency (OCC) is expected to make a decision in October. If Ripple is granted a bank charter, it would be able to offer more services to institutional clients.

This development is crucial for Ripple’s future in the financial industry. A bank charter would provide Ripple with regulatory clarity and access to a broader market. Together with the ETF decisions, these regulatory moves could significantly shape the future of XRP in the U.S. financial system.