XRP ETF in Sight: SEC Officially Accepts Grayscale’s Application
For years, the crypto scene has been waiting for a pure Bitcoin spot ETF in the USA, and XRP could now get ahead. The SEC officially reviews the corresponding proposal from Grayscale.
Grayscale, a leading global digital asset manager, has received official notice from the US Securities and Exchange Commission (SEC) regarding the review of their application to bring an XRP ETF to Wall Street. This is another important step in the plans for the legalization of a publicly tradable financial product indexed on the cryptocurrency XRP by Ripple.
Grayscale Title Trust XRP among SEC proposals
The current document from the SEC reveals that the agency is also dealing with other crypto ETFs besides Grayscale’s XRP ETF. Various crypto assets are among those being scrutinized, but Grayscale’s application is attracting particular attention because the company has already been successfully involved in the market for Bitcoin ETFs for years.
Legal battle not misleading
The current legal battle between Ripple and the SEC over XRP does not seem to negatively affect Grayscale’s plans for an XRP ETF. At the moment, an important decision is still pending in the appeals proceedings. Should Ripple come out of this process as the victor, it is widely assumed that an XRP ETF would also have significantly better chances of receiving a license from the SEC.
ETF experts optimistic about 2024
Some ETF experts express their optimism that already in 2024, crypto ETFs could increasingly find the approval of the US authorities. Especially if the legal disputes between Ripple and the SEC are resolved soon. In this context, the attention is increasingly directed towards XRP ETFs, which are currently still in the application process.
Meanwhile, Grayscale itself has not made any official statement about the acceptance of the registration application for an XRP ETF. However, the company did announce in its blog that it remains committed to making cryptocurrencies accessible to a broad audience through innovative products.
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