Quick overview

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Commissioner Caroline Crenshaw of the U.S. Securities and Exchange Commission (SEC) responded to ongoing concerns from the cryptocurrency investment community regarding the frequent delays in approving spot XRP exchange-traded funds (ETFs).

Commissioner Crenshaw emphasized that these delays are procedural and do not indicate a firm opposition to such products. She discussed the main reasons behind the SEC’s slow review of spot XRP ETF applications in an interview with The David Lin Report.

Crenshaw explained that the bureaucratic framework in which the agency operates requires thorough analysis rather than quick decisions. She also noted that she had previously warned market participants that the approval process could take some time and that frustration was expected.

Crenshaw reaffirmed that the SEC must follow procedural rules, which naturally extend the time needed to review applications for exchange-traded products, including those involving cryptocurrencies like XRP.

She confirmed that the SEC is actively reviewing a large number of applications for crypto-related ETFs.

These applications include a wide range of filings, not just those based on XRP. She stated that the commission is systematically reviewing many applications, consistent with its tradition of introducing new financial products. Crenshaw added that a pending application should not be interpreted as a rejection.

She also highlighted the importance of conducting a thorough review before granting regulatory approval. Importantly, Commissioner Crenshaw clarified that the ongoing delays should not be seen as an outright rejection of XRP ETF products.

She stressed that the SEC has not yet decided whether to approve or reject these applications. The agency’s formal evaluation process, which accounts for the delays, is intended to ensure that any proposed product meets all regulatory requirements before approval.