SEC’s Paul Atkins Threatens to Derail ProShares’ XRP ETF—Just When Crypto Thought It Had a Win

The crypto world braces for another regulatory curveball as SEC veteran Paul Atkins signals potential opposition to ProShares’ XRP ETF filing. This comes despite growing institutional demand for crypto exposure—and just months after the SEC lost its high-profile case against Ripple.

Atkins, known for his hawkish stance, could single-handedly delay or scrap the ETF approval process. Meanwhile, Wall Street quietly profits from Bitcoin ETFs while keeping ’risky’ altcoins in regulatory purgatory. Classic finance double standards.

If approved, the XRP ETF would mark a watershed moment for altcoin legitimacy. But with the SEC’s track record? Don’t hold your breath.

There has been a lot of buzz online this week about ProShares launching an XRP ETF on April 30. Some social media posts and reports claimed that the U.S. Securities and Exchange Commission (SEC) had approved it and that it would go live this week.

But that’s not true.

A spokesperson from ProShares cleared up the confusion. They said:
“ProShares does not have any ETF launches scheduled for Wednesday, April 30. We have no further news to share at this time.”

So where did the rumor come from?

The misunderstanding seems to have started because people confused the “effective date” listed in a regulatory filing with an official launch date. When a fund’s registration becomes “effective,” it means it has cleared one step with the SEC, but that doesn’t guarantee a launch on that date.

In fact, the SEC could still object to the launch. A fund’s registration statement becoming effective is only one part of the process. It’s required before a launch, but it doesn’t confirm the exact timing or guarantee approval.

While the news isn’t true—yet—talk of an XRP futures ETF is still important. It shows that XRP is gaining attention from major financial players. And just like with Bitcoin and Ethereum, a futures ETF could be a step toward a full spot ETF in the future.