The Securities and Exchange Commission (SEC) is reviewing a proposal from the Nasdaq Stock Market LLC to list and trade shares of the CoinShares XRP ETF under Nasdaq Rule 5711(d). The rule change was initially filed on February 7, 2025, and published for public comment on February 25, 2025. The SEC has decided to extend the time for its decision to May 26, 2025, in order to allow more time to consider the proposal. This extension means the SEC will decide whether to approve, disapprove, or further investigate the rule change by the new deadline.
Simple Explanation
The SEC is taking more time to think about a new plan by Nasdaq to let people buy and sell shares of a special fund called CoinShares XRP ETF. They will decide what to do by May 26, 2025.