Adani Group companies, Adani Power, Adani Enterprises, Adani Ports and Adani Green Energy, among others, on Saturday issued a clarification via stock exchange filing in response to recent media reports claiming that the United States Securities and Exchange Commission (US SEC) is seeking court approval to serve legal summons to Adani Group Chairman Gautam Adani and his nephew Sagar Adani via alternative methods, including direct email.

In the filings, Adani Group companies stated that there are no allegations made against the company, nor is the company a party to any such proceedings. The group also reiterated its earlier clarification dated November 21, 2024, in which it addressed similar concerns following an earlier Bloomberg report on the same matter.

The group stated that the contents of the recent media report do not trigger any disclosure requirements under SEBI’s Regulations.

“This is in relation to the article appeared on “https://www.cnbctv18.com/” dated November 21, 2024, captioned “Adani Group stocks in focus: Here is what the US SEC said”. In this regard, we understand that the United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against Shri Gautam Adani, as well as two other Board members of Adani Green Energy Limited,” the exchange filing read.

The media reports in question cite a Bloomberg article that says the US SEC has approached a federal judge in Brooklyn, New York, to allow alternative means of serving summons, as previous requests through official diplomatic channels had been denied by Indian authorities.

The regulator reportedly wants to ensure that both Gautam and Sagar Adani are made aware of the legal action against them. The SEC told the court that India had rejected two prior requests for service of summons on procedural grounds and raised questions over the SEC’s authority under the Hague Convention.

The legal action traces back to an indictment unsealed in November 2024, in which the US Department of Justice and the US SEC accused Adani Group executives of participating in a scheme involving the alleged bribery of Indian officials to secure power purchase agreements through Adani Green Energy. The complaint further alleged that the executives misled US investors by providing inaccurate disclosures regarding anti-corruption practices.According to the filings, the SEC intends to serve the summons to Adani executives directly via email, having reportedly cited repeated unsuccessful attempts to do so via India’s government.

In its November 2024 clarification, Adani Group had confirmed that the US proceedings were against certain individuals and did not involve the company itself. It had also shared a media release at the time stating that no allegations had been made against the company in connection with the reported indictment.

Meanwhile, shares of Adani Group companies have come under pressure following the resurfacing of these legal developments. As of the last trading session, Adani Enterprises was down 10.7%, Adani Ports fell 7.5%, Adani Green Energy declined over 14%, and Adani Power ended lower by 5.5%.

Also read: Kotak Mahindra Bank Q3 results: Standalone PAT rises 4% YoY, NII grows 5%

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The SEC has announced its decision to extend the review period for several crypto ETFs. This includes staking proposals for the Ethereum ETFs, as well as XRP and Dogecoin ETFs, with the commission pushing its decision to the final deadline for these funds. 

SEC Delays Decision On Ethereum, XRP, and Dogecoin ETFs

In an SEC release, the commission revealed that it is extending the review period for the proposed rule change to permit staking in BlackRock’s Ethereum ETF. The agency stated that it finds it appropriate to designate a longer period within which it will take action on the proposed rule change. That way, it has sufficient time to consider the proposal and the issues in it. 

With the extension, the SEC now has until the final deadline on October 30 to approve or disapprove the proposed rule change. The commission also made a similar decision on the proposed rule change to permit staking in Fidelity and Franklin Templeton’s Ethereum ETFs. The final deadline for the SEC to approve or disapprove the proposed rule changes for both funds is on November 13. 

There are also similar applications from other Ethereum ETF issuers, such as Grayscale and 21Shares, to permit staking for their respective funds. The final deadline for 21Shares and Grayscale’s proposed rule change is October 23 and 29, respectively. Based on this, there is the possibility that the SEC could approve staking for the ETH ETFs as early as October 23. This will be similar to how the commission approved all funds to launch at the same time last year.

Meanwhile, the SEC is expected to approve these funds, considering that it already clarified that staking activities aren’t securities. Staking for these funds will enable investors to earn yields while also gaining spot exposure to Ethereum. 

SEC Also Delays Decision On XRP And Dogecoin ETFs

The SEC has also delayed its decision on Franklin Templeton’s XRP ETF and Bitwise’s Dogecoin ETF. Similar to the Ethereum ETFs decision, the commission said that it needed more time to review the proposed rule change and the issues therein. It will now have until the final deadline on November 14 to approve or disapprove the proposed rule change to list and trade shares of this fund. 

It is worth noting that the SEC had already delayed the other XRP ETF applications to the final deadline. Grayscale, Bitwise, 21Shares, CoinShares, Canary Capital, WisdomTree, and Franklin Templeton have all filed for an XRP fund under the 33 Act. The first final deadline is Grayscale’s, which comes up on October 18. 

Meanwhile, the SEC delayed its decision on the proposed rule change for Bitwise’s Dogecoin ETF till the final deadline, which comes up on November 12. Grayscale has also filed for a DOGE ETF, with its final deadline coming up on October 18.

Featured image from iStock, chart from Tradingview.com

The XRP price is crashing following reports that the United States (US) Securities and Exchange Commission (SEC) has temporarily denied applications for XRP ETFs. The postponed rulings continue to add to investor uncertainty, with the regulator setting the next key dates for October 2025.

US SEC Delays XRP ETF Decision Timelines

The US SEC has once again put a pause on decisions surrounding all 5 pending Spot XRP ETFs. According to statements published on the regulator’s official website, the commission has extended its review period for XRP ETF filings from  CoinShares, Bitwise, Grayscale, 21Shares, and Canary. 

The earliest revised deadline falls on October 18, 2025, for NYSE’s Arca’s Grayscale XRP Trust. Section 19 (b)(2) of the Securities Act of 1934 sets a 180-day statutory review period. Since Grayscale filed its Federal Register notice on February 20, the initial deadline would have been on August 19. However, the Commission exercised its authority to extend the decision window by an additional 60 days for a more thorough evaluation. 

Furthermore, the SEC is slated to make a decision regarding Cboe BZX’s 21Shares Core XRP Trust on October 19. The original 180-day review from the February 21 notice would have ended on August 20. CoinShares’ filing has also been pushed back. Nasdaq had filed the proposal on February 7, 2025, seeking approval to list and trade shares of the CoinShares XRP ETF. 

For this ETF, the previous 180-day window would have concluded on August 24, 2025. However, the Commission determined that additional time was necessary to fully assess the proposal. As a result, the regulatory agency designated October 23, 2025, as the new date by which it will either approve or disapprove the XRP ETF filing.

Other XRP ETF proposals facing delays include Bitwise’s filing at Cboe BZX, now scheduled for October 20. Meanwhile, Cboe BZX’s Canary’s XRP Trust Share review deadline is set for October 24, closely aligning with CoinShares’ application.

XRP Price Crashes Amid ETF Delays

Following the SEC’s decision to delay XRP ETF approvals, the XRP price experienced a sharp decline, reflecting mounting market uncertainty. CoinMarketCap’s data shows that XRP‘s value has fallen to $2.89, at the time of writing, marking a 3.82% drop within 24 hours and a 10.84% decline over the past week. 

Crypto analyst Ripple Van Winkle shared insights on the XRP price crash in a recent X social media post. He emphasized that XRP is now trading below the psychological $3 support level, plunging 5.4% in under a day and recording its largest single-day loss since July. Additionally, he noted that while retail traders panicked and sold, institutional investors seized the opportunity to accumulate, purchasing $3.8 billion worth of XRP.

Currently, technical indicators point to a symmetrical triangle formation, suggesting that XRP’s next significant move hinges on whether it can surpass the $3.26 breakout zone to reach $3.9. According to the market expert, failing to break past this zone could drive the cryptocurrency below $2.96. Key resistance levels remain between $3.08 and $3.14, and unless bulls reclaim this resistance range, sellers are likely to stay in control.

Featured image from Getty Images, chart from Tradingview.com

Eric Conner, a prominent Ethereum figure who helped design the network’s landmark fee-market overhaul EIP-1559 and recently left the ecosystem to work in artificial intelligence, said late Thursday that the US Securities and Exchange Commission’s new policy direction amounts to a dramatic tailwind for Ether. “The SEC just lit a rocket under Ethereum,” Conner wrote on X on July 31, reacting to a policy address delivered hours earlier by SEC Chairman Paul S. Atkins in Washington. Conner characterized the remarks as a “full-blown regulatory pivot,” adding that Atkins “informally but unmistakably said Ethereum is not a security,” and that the agency had put ETH “in the spotlight as the foundation for the next era of US finance.”

Is Ethereum The Biggest Beneficiary Of ‘Project Crypto’?

Atkins’ prepared speech, titled “American Leadership in the Digital Finance Revolution,” unveiled a program he called Project Crypto—a Commission-wide effort to refit securities regulation for on-chain markets. “We are at the threshold of a new era … I am announcing the launch of ‘Project Crypto’—a Commission-wide initiative to modernize the securities rules and regulations to enable America’s financial markets to move on-chain,” he said, while stressing that his remarks reflected his views rather than the Commission’s as a whole. The chair tied the initiative to a recent White House-led policy push and said he had directed SEC staff to draft clear rules for crypto asset distributions, custody, and trading, and to consider interpretive and exemptive relief “in the coming months” to avoid stifling innovation.

The most consequential signal for digital-asset markets was Atkins’ stance on asset classification. “Despite what the SEC has said in the past, most crypto assets are not securities,” he said, promising “bright-line rules” to help market participants determine whether a token should be treated as a digital collectible, a digital commodity, or a stablecoin, and to craft purpose-fit disclosures, exemptions and safe harbors—including for ICOs, airdrops and network rewards. In parallel, he argued that classifying a token as a security “should not be a scarlet letter,” and outlined a path for crypto-securities to flourish within US markets.

Atkins also sketched an ambitious market-structure blueprint. He backed side-by-side trading of non-security crypto assets and crypto-asset securities on SEC-regulated venues, floated a “Reg Super-App” concept to let broker-dealers offer trading, staking and lending under a single license, and said he would seek to modernize custody rules so investment advisers and broker-dealers can hold crypto assets under updated standards. “It will be a priority of my chairmanship to carry out the [report’s] recommendation to modernize the SEC’s custody requirements,” he noted, while defending users’ right to self-custody and staking.

Crucially for tokenization, Atkins said the Commission would work with firms distributing tokenized securities in the US and provide relief where appropriate, pointing to pent-up demand “from household names on Wall Street to unicorn tech companies” and explicitly referencing compliance-enabled token standards such as ERC-3643. In a section on decentralized finance, he pledged to “create space” for both fully on-chain, non-intermediated systems and intermediated models, and said DeFi “will be part of our securities markets.”

Why Ethereum Takes Center Stage

While Atkins’ prepared remarks did not name Ethereum explicitly, they repeatedly referenced Ethereum-native concepts and standards, and outside the speech the chair has recently spoken more directly about ETH. In a July 21 appearance on CNBC’s Squawk Box, Atkins said the agency has “stated informally more than formally that Ether is not a security,” adding that whether corporates hold ETH in treasury “is up to companies to decide.”

Conner unpacked the same themes in an eight-part thread that ricocheted across Crypto-X. The former core dev argued that the speech “isn’t just lip service. It’s a full-blown regulatory pivot,” stressing that Atkins had “informally but unmistakably” removed the security overhang from Ether. “That’s the clarity institutions have been waiting for,” he wrote, predicting corporate-treasury allocations and a deep link-up between DeFi and Wall Street.

He hailed the endorsement of public-chain tokenization as still more consequential: “He said: let’s bring regulated markets on-chain… Ethereum is the obvious base layer for this.” And, in a swipe at legacy doctrine, Conner cheered the promise of purpose-built rules: “No more trying to jam crypto into 1940s laws.”

Whether that enthusiasm endures will depend on how quickly Project Crypto moves from rhetorical flourish to concrete rule-making—but, as Conner put it in his closing salvo, “ETH isn’t just a coin anymore. It’s the US government’s preferred settlement layer for modern finance. Regulatory uncertainty has been ETH’s biggest overhang, and now it’s being lifted. The SEC just put Ethereum in the spotlight as the foundation for the next era of US finance. This is bigger than an ETF. It’s regulatory alignment with ETH as the global digital asset backbone. Get ready.”

At press time, ETH traded at $3,669.

Featured image created with DALL.E, chart from TradingView.com