Legal expert Bill Morgan has clarified recent remarks regarding upcoming regulatory milestones for Ripple and XRP. In a post on X, Morgan explained that while October could be pivotal, he was not forecasting overly optimistic outcomes.
Instead, he emphasized that two major decisions — one from the U.S. Securities and Exchange Commission (SEC) on proposed XRP spot exchange-traded funds (ETFs), and another from the Office of the Comptroller of the Currency (OCC) on Ripple’s application for a national bank charter — are both expected around late October.
However, he cautioned that either or both could be extended.
A fair summary of what I posted. I don’t think I put it as high as I expect those decisions to be made in October rather that decisions on Ripple’s national bank charter (by OCC) and the XRP spot ETFs (by SEC) could both be made around the same time at the end of October or…
— bill morgan (@Belisarius2020) August 20, 2025
SEC’s Pending Decision on XRP Spot ETFs
The SEC has postponed rulings on multiple spot XRP ETF applications, pushing final deadlines into mid-to-late October 2025. Among them, the 21Shares Core XRP Trust faces a decision deadline of October 19, while CoinShares’ product is due on October 23. Other applicants, including Grayscale, WisdomTree, Canary Capital, and Franklin Templeton, are scheduled between October 18 and October 25.
Under U.S. securities law, the SEC can delay its decision only once, by up to 60 days. This makes October the final window for action. If the Commission approves one or more of the filings, it would provide institutions with regulated exposure to XRP, potentially reshaping liquidity and market access.
A denial or further delay, however, would extend the uncertainty that has surrounded XRP’s regulatory status for years.
OCC Review of Ripple’s National Bank Charter
Alongside the ETF deadlines, Ripple’s application for a national bank charter, filed with the OCC on July 2, is also approaching a decision window. Under the OCC’s 120-day review framework, the matter could be resolved by late October. Still, as Morgan pointed out, the OCC retains the option to extend its evaluation period if it deems necessary.
Approval would mark a watershed moment for Ripple. A national charter would allow the company to operate as a federally regulated trust bank, potentially enabling it to hold reserves with the Federal Reserve and expand its financial services offerings. Such a development would significantly strengthen Ripple’s institutional standing in the U.S. financial system.
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Convergence of Two Milestones
What makes October notable is not just the significance of these individual decisions, but the fact that both are slated to converge within the same time frame. On one hand, XRP ETFs would provide broader investor access and legitimize XRP in capital markets. On the other hand, a bank charter would embed Ripple deeper into the U.S. financial infrastructure.
Still, Morgan stressed caution. The fact that these reviews fall in October does not guarantee approvals. Both agencies could extend their timelines, and investors should be prepared for either outcome.
A Measured Perspective
Morgan’s clarification underscores the importance of separating timelines from expectations. October represents a crucial moment for Ripple and XRP, but it should be viewed as a period of regulatory decision-making rather than as a foregone breakthrough.
Whether both rulings arrive simultaneously or are delayed, the month stands as a key marker in XRP’s ongoing journey toward broader legitimacy and adoption in the U.S. financial landscape.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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