Grayscale Files for XRP ETF, Pushing SEC for Crypto Exposure

Grayscale Files for a XRP ETF with the SEC

Grayscale has filed a 19b-4 application to create an XRP ETF, aiming to provide investors with exposure to the popular cryptocurrency. The firm has been actively petitioning the SEC for new ETF products in recent weeks, and it's not alone in its pursuit. The SEC has taken tentative steps towards approving an altcoin ETF, but it seems to be in no hurry to do so. Trump's nominee for Chair has not been confirmed yet, and the short-staffed Commission may be playing it safe.

Grayscale, the leader in the fight for a Bitcoin ETF, has been offering a diverse range of ETF products. After its first listing, it followed up with a and, and for. Today, Grayscale is adding to its roster with a new filing for an XRP ETF.

The XRP ETF has been a prominent goal in the crypto community for months, and Grayscale is hardly the first firm to pursue it. Ripple’s CEO Brad Garlinghouse considers the approval “inevitable,” and Polymarket gives the prospect overwhelming odds of success. Still, this hasn't actually happened yet.

Since Gary Gensler resigned, a huge inflow of ETF applications has reached the SEC. As of yesterday, the Commission made the first steps towards a Litecoin ETF, but there isn't much other visible progress. Still, ETF analyst James Seyffart urged the community to show some patience regarding its pro-crypto realignment.

“Potentially Hot take: The SEC doesn’t have much of a reason to rush as quickly as possible on this stuff. I personally think they should handle these situations after Atkins is confirmed and in his seat at the SEC,” Seyffart claimed.

Seyffart did not directly respond to Grayscale’s XRP ETF application, but he made these comments less than 15 minutes after noticing the filing. It’s an important rule of thumb to remember, especially considering that the SEC is currently short-staffed.

Ultimately, the XRP ETF seems very likely, but that doesn’t mean Grayscale’s application will go through in the immediate future. For now, the Commission has made a little progress on one altcoin ETF, and will probably do more soon. The