The long road to an XRP exchange-traded fund (ETF) may be entering its final stretch, even as the U.S. government shutdown keeps regulators on pause.
Several major financial firms – including Grayscale, Bitwise, Franklin Templeton, 21Shares, WisdomTree, and Canary – quietly updated their ETF filings this week, a move many see as a sign that the long-anticipated approval process is nearing completion.
The updates, which involve amendments to the firms’ S-1 registration statements, were filed while the Securities and Exchange Commission remains largely frozen by the ongoing funding impasse in Washington. Instead of waiting for operations to resume, issuers appear to be fine-tuning their proposals in advance, ensuring everything is ready the moment the SEC can restart reviews.
Some filings reveal new ticker symbols – a clear hint that preparations for market debut are underway. Grayscale’s XRP ETF will trade under GXRP, while Franklin Templeton and Canary plan to use XRPZ and XRPC respectively. Others, including Bitwise and 21Shares, have yet to reveal such details, likely saving final adjustments for the post-shutdown period.
ETF specialist Nate Geraci described the activity as “a strong signal that launch plans are already in motion,” adding that most paperwork is now entering its final administrative phase. He noted that while the SEC recently shifted toward approving ETFs under its generic listing standards rather than the stricter 19b-4 process, the move could actually streamline approval once the regulator is back to full capacity.
For now, however, political paralysis in Washington stands in the way. The government shutdown – already among the longest in recent years – has stalled hundreds of pending regulatory actions, including crypto-related filings. With the Senate deadlocked and no funding resolution in sight, analysts warn that ETF decisions could remain frozen for weeks.
Prediction markets mirror that pessimism. Polymarket data suggests a growing probability that the current standoff could surpass the 35-day shutdown of 2018–2019, setting a new record. Bloomberg’s Eric Balchunas commented that the “entire ETF pipeline is effectively on ice” until the government reopens.
Still, optimism around XRP’s prospects is building. The token’s potential inclusion in the U.S. ETF market marks a major shift for the asset, which has spent years under regulatory scrutiny. If approvals arrive once the SEC resumes operations, XRP could soon join Bitcoin and Ethereum in the expanding lineup of spot crypto ETFs – signaling a new stage of institutional acceptance for the broader digital asset sector.
