XRP

With the U.S. Securities and Exchange Commission (SEC) currently focusing more on institutional reforms rather than the approval of the XRP spot ETF, XRP investors' hopes are starting to fade.

According to the prediction platform Polymarket, by the end of July the likelihood of approval for the XRP spot ETF has drastically dropped to only 7%, down from 50% in April and 32% at the beginning of July.

The SEC is currently drafting guidelines that will simplify the approval process for crypto spot ETFs, according to a report from Reuters. However, the ongoing regulatory path indicates that any ETF approvals are unlikely to happen in the near future.

The initial guidance document from the SEC, 12 pages long, released earlier this month outlines the standards that must be disclosed by ETFs. Bitwise CIO, Matt Hougan, described the existence of these guidelines as "an indication that crypto ETFs are integrating into the traditional financial system."

However, the main development awaited by the market is hidden in the second directive that has not yet been published. This document is expected to include new listing standards that will replace the current 19b-4 application process. Reportedly, internal negotiations within the SEC are still ongoing, and this second document may be completed by autumn. Therefore, market expectations for the approval of new crypto ETFs have also pushed back to that period.

In this context, there was hope that the Solana-based ETF (SOL) could be the first approved product. The staking-based Solana ETF launched in the previous period was considered the beginning of the "crypto ETF summer." However, the SEC's current approach seems to have temporarily dampened those hopes.

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