The curtain, threadbare and trembling, lifts anew on the amusing masquerade of finance: May 14th, ProShares whispers (with a glance over its bespectacled shoulder) is the freshly-anointed—nay, embroidered—date for the arrival of its flamboyant futures-based XRP ETF. Previously, a cryptic rumor pirouetted around April 30th, but, alas, that mirage dissolved like cheap perfume under legal fluorescence.
ProShares Bids the Date—SEC Just Nods Absently
Per the latest bureaucratic aria from the U.S. Securities and Exchange Commission, ProShares is aiming its shiny, regulation-fearing arrow straight at May 14. Do not, gentle reader, confuse the paperwork—a veritable Tolstoyan epic in legalese—with a wedding invitation: mere procedural twitchings, not the actual nuptials.
The earlier filing (a tease, a wink!) sent both financial journalists and crypto Twitter into a breathless, caffeine-addled spiral. Gossip clapped its hands, brandishing misinformation: April 30th, launch! The SEC, meanwhile, was nursing chamomile and rolling its eyes.
Cue XRP’s price, which did a brief leap of joy, then promptly skidded in embarrassment when reality snatched away the party hat.
Spot ETFs: The Slow Waltz Continues
Elsewhere in this waltz of paperwork, ProShares and several well-groomed rivals—the likes of Franklin Templeton, Bitwise, and Grayscale—have lobbed their own filings at the SEC, like suitors tossing carnations. The belles at this bureaucratic ball, however, remain elusive.
Franklin Templeton, ever the popular debutante, saw its moment in the spotlight extended by the SEC until that breathless date—June 17. Their Solana ETF proposal already left footprints in the snow, but XRP is apparently more stubborn, daintily dragging its feet across March and into the humid dusk of spring.
Eleanor Terrett, chronicler of this ETF soap opera, prophesized on social media—where all serious business is done—that
“For the $XRP spot ETF, James [Seyffart] is eyeing mid-October, around the 18th, as a final decision deadline.”
Wall Street’s Wallflowers Still Await Their Moment
Note, please, the conspicuous absence of BlackRock and Fidelity—industry crocodiles, lurking just beneath the lily pads. They are, allegedly, getting their tuxes dry-cleaned for a 2025 entrance, should the market’s waltz become too irresistible to ignore.
While ProShares and Franklin Templeton strut clumsily in the limelight, the SEC juggles extensions for other hopeful entrants. Bitwise, with a Dogecoin ETF that’s either genius or satire (jury pending), and Fidelity, keen to inject Ethereum spot ETFs with the adrenaline of staking, are also left twiddling their regulatory thumbs.
By law—or, shall we say, regulatory haiku—the SEC must reach a grand conclusion on these ETF proposals within 240 days of their debut in the Federal Register. That means 2024’s great ETF melodrama crescendoes, conveniently, just before winter. Bloomberg, poker-faced, assures us a verdict isn’t so far away. Or is it? 😏
Regulation, Leadership, and the Eternal Comedy
Enter, stage right: Paul Atkins, master of crypto ceremonies, now lords over the SEC. Previous ringmasters, like Mark Uyeda, tiptoed with existential caution, stretching out deadlines and cultivating the thrilling flavor of “not yet.”
Under Atkins—a gentleman with a declared fondness for crypto’s unruly charms—there’s talk even the lengthiest ETF limbo might conclude before we’re all replaced by AI trading bots. So, while October is festooned with “maybe,” those palpitating for ProShares’ futures-based XRP ETF may only have a brief (regulatory) intermission before the big chaotic reveal.
So mark your calendar, or perhaps just doodle in the margins. This soap opera promises plot twists, but whether ProShares’ ETF takes a triumphant bow or merely trips over its own ticker remains—delightfully—to be seen. 🎭🍿
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2025-04-30 02:55