Grayscale’s Spot XRPETF takes a big step towards approval

The Securities and Exchange Commission is officially recognized Grayscale According to Thursday, applications for what will become the first spot XRP exchange trade fund in history Submit.

According to CoinMarketCap data, the acknowledgments will cause a 240-day review period and will make a final decision on the proposed ETF to track XRP to the SEC until mid-October.

The SEC’s willingness to review the XRP ETF proposals has led to the institution’s stance amid wider changes in leadership that demonstrate a more nuanced approach to cryptographic regulation as regulators continue their legal battle with Ripple Labs. It emphasizes change.

According to the filing, the proposed fund will provide traditional investors’ regulated exposure to XRP through familiar investment instruments, custodian by Coinbase Custody Trust Company. The trust structure reflects the existing Grayscale Bitcoin ETFIt was released last year after the company converted Bitcoin trust into ETF.

The filing approval follows the recent acceptance of the SEC of Grayscale’s application for Solana and Litecoin ETFs, and will encourage the expansion of investment companies offering Crypto ETFs since the debut of spot Bitcoin products. Grayscale’s Bitcoin TrustETF (GBTC) and Bitcoin Mini Trust (BTC)with Ethereum– Focused funds, Grayscale’s Ethereum Trust (Ethe) and Ethereum Mini Trust (ETH).

NYSE submitted first Required documents For the XRP ETF in late January, similar proposals will follow from several key asset managers, including Bitwise, Canary, Wisdomtree and 21 shares, through Cboe Exchange.

According to data from CoinmarketCap, the proposal was found to be XRP’s strong market activity, with token trading at $2.72, an increase of around 11% over the past 24 hours, bringing daily trading volume to $8.5 billion.

According to the filing document, the trust uses the Coindesk XRP price index to track major US crypto exchanges such as Coinbase, Kraken, and Crypto.com. Currently, XRP has a circular supply of up to 57.8 billion tokens from a supply of up to 100 billion.

The wave of Spot Crypto ETF applications has reshaped the investment environment for digital assets, and the SEC is currently handling multiple filings of products related to XRP, Solana, Litecoin, and Dogecoin.

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