XRP ETFs Delayed to October as CLARITY Act Progress Slows
The US Congress's proposed CLARITY Act remains a top priority for lawmakers as it aims to establish a federal framework for overseeing digital assets.
However, its progress has been slowed down due to ongoing political disagreements. Meanwhile, the uncertainty surrounding operating rules continues to affect exchanges, issuers, and institutional investors.
The XRP price traded near $1.37 as Bitcoin hovered around $77,321 and Ethereum held steady at $2,536.
Two major XRP-based ETFs, Roundhill's XRP Covered Call ETF and Listed Funds Trust's Teucrium 2x Short Daily XRP ETF, have delayed their effective dates to October 11. This shift indicates that Wall Street is taking a more nuanced approach to investing in XRP by creating differentiated strategies around the asset.
The total net assets of XRP exchange-traded funds stood at $1.45 billion, accounting for 1.70% of XRP's market capitalization. The largest assets were held by Bitwise, Franklin, and Canary.