Bill Morgan, a renowned pro-crypto lawyer, has provided crucial insight into the delay in the U.S. Securities and Exchange Commission (SEC) decision on XRP and crypto ETF filings. Notably, the SEC has shifted the decision date on the Franklin Templeton-linked spot XRP exchange-traded fund (ETF) to June 17, 2025.
SEC’s timing raises strategic concerns
Morgan, in a post on X, noted that this new date coincides with the deadline for a status report in the SEC v. Ripple appeal case. He suggests that the timing could be odd or potentially strategic.
Jose Cabranes, a New York Circuit judge, had on April 16 ordered that the SEC file a status report on the Ripple lawsuit appeal within 60 days. This sets the deadline to around June 15, two days before it decides on the Franklin Templeton filing.
Oddly, the delay of the ETF approval to 17 June 2025 is to a date that falls just after the expiry of the 60 day period by which a status report must be filed by the SEC in the SEC v Ripple appeal pursuant to the court order dated 16 April 2025. https://t.co/Rrn0MAHwBv pic.twitter.com/gmVDOSg74H
— bill morgan (@Belisarius2020) April 30, 2025
According to Morgan, this timing might suggest that the regulatory body wants to see how the Ripple appeal unfolds before deciding on the XRP ETF. The SEC is likely buying time before deciding on the pending applications.
Although the SEC has a new pro-crypto chair, Paul Atkins, the community is keen to see how this Ripple lawsuit ends. A favorable ending could provide a precedent and legal clarity to XRP and the broader cryptocurrency industry.
Could Ripple lawsuit outcome shape ETF landscape?
The crypto community and XRP holders, in particular, look forward to having the lawsuit settled. Many believe the lingering appeal is limiting XRP’s potential to grow like its peers. They think that XRP ETF approval will further strengthen adoption, which could impact the price.
For instance, when Brad Garlinghouse, Ripple Labs’ CEO, announced that the SEC would drop its case in March, the market reacted positively. XRP saw its price spike by about 14% to $2.59 as investors flocked to acquire the coin.
As of press time, XRP was changing hands at $2.19, representing a 3.56% decline in the last 24 hours. However, the trading volume has recorded a slight uptick worth 2.10% to $3.04 billion as market participants anticipate a rally.
