Across the five orders, the legal mechanics are identical. After a proposed exchange rule change is noticed in the Federal Register, the Commission must act within 45 days, which may be extended up to 90 days or, if proceedings are instituted, within 180 days of publication; that 180-day period can be extended once by up to 60 days with reasons stated. Each delay order here explicitly cites Section 19(b)(2), recounts the publication date that started the clock, and then sets the new outer deadline. As one order puts it, the Commission is “extending the time period for approving or disapproving the proposed rule change for an additional 60 days.”
While the substance of the Commission’s outstanding questions is not adjudicated in these delay notices, the filings themselves and prior SEC proceedings indicate the familiar set of issues for spot crypto commodity-trust listings: the sufficiency of surveillance-sharing arrangements with “markets of significant size,” the reliability and representativeness of reference pricing, and the treatment of custody and creation/redemption mechanics. Those questions were formally teed up when the SEC instituted proceedings on each file in May, a prerequisite to Monday’s clock extensions.
At press time, XRP traded at $3.02.
