According to Fox Business reporter Eleanor Terrett, the Securities Exchange Commission (SEC) has officially accepted a 19b-4 application filed by Grayscale and NYSE to convert the Grayscale XRP Trust ($XRP Trust) into an exchange-traded fund (ETF). While this does not mean automatic approval, nor does it guarantee that the SEC will ultimately approve the application, this development shows that the SEC is more open to crypto ETFs, rather than refusing to consider such products outright.
Previously, the exchange had withdrawn the Solana ETF application due to the SEC's tough stance. However, the SEC's acceptance of the XRP ETF application shows that LTC, DOGE, SOL, XRP and other crypto ETFs are still likely to be approved. The SEC is expected to publish the application to the Federal Register within a few days, when the 240-day approval window will officially open. In addition, XRP ETF applications from institutions such as Bitwise, 21Shares, Canary Funds and WisdomTree are still waiting for the SEC to process.
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SEC Accepts Grayscale XRP Trust Conversion ETF Application
2025-02-13 23:45:43
Fox business journalist eleanor terrett us sec exchange commissiondesk3cryptocurrencydesktopCrypto News
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