SEC Acknowledges Grayscale’s Application for an XRP ETF
The US Securities and Exchange Commission (SEC) has officially accepted the 19b-4 application submitted by Grayscale and the New York Stock Exchange (NYSE) to transform the Grayscale XRP Trust into an exchange-traded fund (ETF).
This acceptance, while not a guarantee of approval, signifies a more favorable attitude from the SEC towards cryptocurrency ETFs, moving away from their previous tendency for outright rejections.
In the past, exchanges have pulled their Solana ($SOL) ETF applications due to the SEC’s stringent stance. However, the acceptance of the XRP ETF application indicates that ETFs for cryptocurrencies like Litecoin, Dogecoin, Solana, and XRP still have potential for approval.
The SEC is anticipated to publish the application in the Federal Register shortly, triggering a 240-day review period.
Furthermore, applications from institutions such as Bitwise, 21Shares, Canary Funds, and WisdomTree for XRP ETFs remain under SEC consideration.
