SEC Acknowledges Grayscale’s XRP ETF Filing: Details

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SEC Faces Lawsuit From 18 States Over Crypto Regulatory Overreach

  • The SEC has acknowledged Grayscale’s XRP ETF filing, marking a shift in its regulatory stance.  
  • The approval process will take up to 240 days, with other XRP ETF filings expected soon.  
  • The SEC’s move suggests the Ripple lawsuit no longer poses a major barrier to XRP’s growth.  

The SEC has finally recognized NYSE Arca’s 19b-4 application for the Grayscale’s XRP ETF. This is the initial process of approval and a good sign to any next steps forwards. The action by the SEC means that the commission is willing to consider the application rather than dismissing it outright. This is much different from how it previously treated Solana ETFs, which were outright ignored and never even debated.  

The SEC’s Review Process  

The SEC will now review Grayscale’s XRP ETF to determine if it meets regulatory standards. XRP-related ETF applications need 240 days for a final decision after the official posting date. During this period, the SEC assesses all submissions to approve or reject them.  

FOX Business journalist Eleanor Terrett confirmed that the filing will soon be accessible to the public. She also noted that similar applications from issuers like Bitwise and Canary could receive recognition. Leading exchanges, including Cboe and Nasdaq, have submitted their filings for XRP ETFs. The SEC has 15 days to acknowledge these filings after receiving them.  

Ripple CEO’s Reaction  

Ripple CEO Brad Garlinghouse welcomed the SEC’s acknowledgment of Grayscale’s application. He had predicted the launch of an XRP ETF despite regulatory uncertainty. Many dismissed his forecast because of ongoing legal battles involving XRP.  

XRP-related ETF approval prospects faced challenges following the SEC’s lawsuit against Ripple. Several investors doubted that legal problems would stop the emergence of positive outcomes. Recent acknowledgment from the SEC indicates that legal obstacles related to the lawsuit with Ripple no longer present significant barriers.  

Impact on the Ripple Lawsuit  

Nate Geraci, President of ETF Store, called the SEC’s decision a significant moment in the Ripple case. The lawsuit once posed a major barrier for XRP in traditional finance. Now, the SEC’s actions suggest the case no longer holds the same weight.  

This decision could set a precedent for future XRP ETF applications. If Grayscale’s filing progresses, more issuers may follow. Increased approvals could expand XRP’s presence in the financial market. The coming months will reveal how the SEC handles similar filings.

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