The U.S. Securities and Exchange Commission delayed its decision on Grayscale’s application for an XRP exchange-traded fund, according to a notice filed on Tuesday.

The Commission said “a longer period” of time is needed to determine whether the application aiming to establish a spot XRP ETF in the U.S. will be approved or denied.

When the SEC recognized Grayscale’s application last month, it triggered an initial review period of 45 days. The SEC can ultimately extend that timeline up to 240 days after Grayscale’s proposal was published to the Federal Registrar, with a May 21 deadline approaching next.

The agency may take until mid-October to make its final decision. Meanwhile, on Tuesday, Franklin Templeton filed an application for a spot XRP ETF with the regulator.

The SEC has acknowledged XRP ETF filings from Canary Capital, WisdomTree, Bitwise, CoinShares, and 21Shares.

The XRP filings are part of a wider flurry submitted by major issuers to address surging demand for digital asset investments packaged in traditional financial products. Those initiatives follow the historic debut of spot Bitcoin ETFs, which have been the fastest-growing category of funds in ETF history and now manage close to $100 billion in assets. 

Last year, Ripple Labs CEO Brad Garlinghouse described the approval of an XRP ETF in the U.S. as "inevitable," citing overwhelming demand from institutional and retail investors.

XRP’s price recently rose to $2.19, up nearly 9%, according to the crypto data provider CoinGecko. While notably off from its post-election peak of $3.38, the cryptocurrency has held onto its gains better than competitors, including Bitcoin and Ethereum since Nov. 5.

Experts say that U.S. President Donald Trump’s reelection was a boon for XRP. Under former SEC Chair Gary Gensler, the cryptocurrency’s regulatory status was challenged as the agency pressed forward with a lawsuit against Ripple Labs over XRP sales.

The SEC has yet to abandon its enforcement case against Ripple Labs. Still, the SEC has been winding down similar, high-profile actions against exchanges like Coinbase and Kraken.

Edited by James Rubin

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