Exciting? Yes. Important? Absolutely. But breaking news? Not exactly. We’ve been saying since earlier this year that @SECGov should enable markets to unlock tokenized securities. Tokenized debt, equity, and investment funds present an opportunity for tailored regulation for…
— paulgrewal.eth (@iampaulgrewal) June 17, 2025
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The U.S. Securities and Exchange Commission (SEC) has delayed making a decision of the spot XRP filing proposed by $1.4 trillion giant Franklin Templeton.
The SEC was initially expected to announce its decision on May 3, but the deadline was then formally extended to June 17.
The holders of the fourth-largest cryptocurrency by market cap should not read too much into the most precedent postponement since it is a rather mundane procedural step.
Such extensions are considered to be part of due diligence, meaning that they are not necessarily a sign of disapproval.
Franklin Templeton is the largest player to file for a spot XRP ETF to date. It originally submitted its S-1 form in early March.
Earlier today, the SEC also delayed the firm’s Solana ETF filing.
In other news, as reported by U.Today, the very first spot XRP ETF in North America is on track to launch on Wedneday on the Toronto Stock Exchange.
Ripple has filed a joint status report with the U.S. Securities and Exchange Commission (SEC) to the United States Court of Appeals for the Second Circuit, asking to keep the appeals on hold.
This comes after the parties recently requested District Judge Analisa Torres to amend the final ruling. This could be a make-it-or-break motion for Ripple, considering that a rejection could possibly delay the settlement process.
In April, as reported by U.Today, Ripple and the SEC filed a motion to hold the appeals in abeyance after reaching a settlement agreement.
The SEC agreed to slash Ripple’s monetary penalty to $50 million while also asking the court to lift the injunctn that was imposed by Judge Torres in August to prevent the company from selling XRP tokens to institutional participants in the U.S.
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The regulator filed a notice of appeal under the leadership of former head Gary Gensler in early October. This was followed by Ripple’s own cross-appeal.
Judge Torres has so far signalled that there is no compelling reason to justify amending the final ruling if the case were to be remanded to the district court. However, the parties recently cited “exceptional circumstances” in the recent high-stakes motion.
The parties will move the court to dismiss the appeals if Judge Torres agrees to modify the final judgment.
The SEC is set to file another status report by Aug. 15.
In the meantime, pro-X lawyer John Deaton recently predicted that Judge Torres will not necessarily rush to amend the final judgment.
The U.S. Securities and Exchange Commission (SEC) has acknowledged President Trump’s Truth Social filing to list its own Bitcoin ETF under NYSE. This only meant that the application would now be reviewed, and does not mean that it is approved or allowed to trade.
According to the filing, the ETF will invest directly in Bitcoin and track its price closely. The ETF will issue shares representing partial ownership of the Bitcoin held by the Trust. The shares will be listed under NYSE Arca Rule 8.201-E, which governs trust shares based on commodities.
Also, Trump Media’s original S-1 filing mentioned the fund would be investing in Bitcoin and Ethereum. But the SEC notice only refers to the “Truth Social Bitcoin ETF” and does not include Ethereum currently. This means the agency is only reviewing the Bitcoin portion for now.
The holdings will be held by Foris DAX Trust Company, LLC also known as Crypto.com. They will act as custodian of the fund for Bitcoin. All the bitcoin will be kept offline in cold storage so it can be more secure.
The fund’s net asset value (NAV) will be calculated daily by the Trust Administrator based on the CF Benchmarks Index. The index provides a daily USD price of Bitcoin based on the trading activity of several crypto exchanges.
This fund will allow investors to invest in Bitcoin without the hassle of purchasing or taking ownership of it themselves. Nevertheless, the SEC has to approve the S-1 registration and the 19b-4 proposed rule change first before the ETF can commence or trade.
Also Read: Saylor’s Strategy Adds $1B in BTC as Bitcoin Price Holds Steady
Some are misinterpreting SBET’s S-3 filing:
It registers shares for potential resale by prior investors
The “Shares Owned After the Offering” column is hypothetical, assuming full sale of registered shares.
This is standard post-PIPE procedure in tradfi, not an indication of…
— Joseph Lubin (@ethereumJoseph) June 12, 2025
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Ripple and the US Securities and Exchange Commission (SEC) have once again approached the US courts seeking an alteration to the structure of a $125 million escrow fund set aside for settlements.
Notably, the five-year-long legal battle between both entities has significantly de-escalated over the past three months in line with other crypto-friendly developments of the Donald Trump administration.
However, both parties face a major task in convincing the court of the need to alter an initial injunction in its final judgement.
Related Reading: The Curse Of Ethereum: First-Ever ETH Treasury Company Suffers Sharo 73% Crash – Details
In 2020, the SEC charged Ripple in court, accusing the latter of selling over $1.3 billion in unregistered securities (XRP) sales.
In July 2023, a judge ruled the secondary sales of XRP do not qualify as securities transactions, representing a major partial victory for the crypto market. However, the final judgement issued in August 2024 included an injunction that ordered Ripple to pay a $125 million penalty fee in violation of section 5 of the Securities Act 1993.
Notably, the specified $125 million was soon placed in an escrow account pending the conclusion of the case, which was swiftly followed by notices of appeals by both parties. However, the briefs of both appeals were placed on hold on April 16, 2025, following a report of an agreement-in-principle between both parties.
In what appears to be part of the agreement between the SEC and Ripple, both parties approached the court on May 8 seeking a modification to the structure of the $125 injunction fee against the blockchain company on the basis of “exceptional circumstances”.
The joint motion proposed that only $50 million is paid to the SEC as a penalty, while the remainder is returned to Ripple. However, the court rejected this motion on May 16 due to no explanation on how these “exceptional circumstances” warrant a modification.
In another joint motion filed on June 12, both parties delicately state these “exceptional circumstances,” which include the fact that the proposed agreement does not alter the initial summary judgment from the court.
Furthermore, the motion also highlights the requested relief favors both parties in the case as well as the public interest and introduces a settlement capable of permanently finalizing this case. In addition, this proposed change would prevent the progress of the appeal briefs and save court resources.
Finally, both the SEC and Ripple reiterate that granting the injunction structure modification and thereby terminating the case aligns with the SEC’s current policy of dismissing certain crypto cases by joint stipulation.
XRP trading at around $2.16 on the daily chart | Source: XRPUSDT on TradingView.com
Featured image from iStock, chart from TradingView
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Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Trump Media and Technology Group (TMTG), the company that owns US President Donald Trump’s Truth Social platform and is partially owned by the president, has received approval from the US Securities and Exchange Commission (SEC) for its registration statement tied to its $2.3 billion Bitcoin treasury deal.
According to a June 13 SEC filing, the agency “declared effective” TMTG’s S-3 registration statement — filed on June 6 — for the Bitcoin (BTC) treasury deal. The S-3 is a form that US companies use to register the sale of various securities, like stocks, options, and different types of debt. TMTG filed a corresponding final prospectus with the SEC on the same day.
The SEC filing said that, as part of its Bitcoin treasury plan, TMTG registered the resale of approximately 56 million shares and 29 million more tied to convertible notes as part of debt and equity agreements with around 50 investors, which yielded $2.3 billion.
Although the registration statement includes a universal shelf to give TMTG “greater flexibility” for future growth plans, the company currently has “no immediate plans” to issue any securities under it.
Source: Kyle Chasse
Trump Media’s CEO and President Devin Nunes said, “We’re aggressively implementing our plans to expand the Company, our offerings, and our capabilities.” Nunes added:
“By simultaneously enhancing and growing our social media platform, TV streaming platform, and our fintech brand while establishing a Bitcoin treasury, we aim to continue rapidly transforming Trump Media into an indispensable company for the expanding customer base of the Patriot Economy.”
On the same day, TMTG’s stock price fell 2.06%, closing the trading day at $19.52, according to Google Finance data.
TMTG’s stock price fell 2.06% during the June 13 trading day. Source: Google Finance
It comes only weeks after the company confirmed a $2.5 billion capital raise to purchase Bitcoin on May 27 after denying earlier reports of the deal.
At the time, Nunes said that TMTG views “Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets.”
Blockchain analysis company Arkham said in a May 28 X post, “Donald Trump’s company, Trump Media, will buy $2.5 BILLION of Bitcoin. Is Trump about to go Saylor Mode?”
Related: Bitcoin adoption fueled by ‘deglobalization,’ Trump’s ‘big, beautiful bill’
Meanwhile, on June 5, TMTG filed with the SEC to launch a Bitcoin exchange-traded fund (ETF).
“The assets of the Trust consist primarily of Bitcoin held by a custodian on behalf of the Trust. The Trust seeks to reflect generally the performance of the price of Bitcoin,” TMTG said in a June 5 filing.
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