XRP News Today: "SEC's Crypto Thaw Attracts T. Rowe Price's ETF Bid"

T. Rowe Price Seeks SEC Green Light for Active Crypto ETF on NYSE

The U.S. Securities and Exchange Commission's (SEC) recent approval of spot ETFs for altcoins like Dogecoin and XRP has set a precedent for broader crypto market access, with industry observers noting that firms such as T. Rowe Price may follow suit. Grayscale Investments launched its GDOG and GXRP ETFs on the New York Stock Exchange Arca on November 24, 2025, after clearing regulatory hurdles. The move reflects a shifting regulatory landscape under SEC Chairman Paul Atkins, whose "Project Crypto" initiative has prioritized structured disclosures over strict enforcement, enabling a wave of altcoin ETFs to enter the market.

The GDOG and GXRP ETFs, structured as spot-based exchange-traded products, hold their respective tokens directly and are managed with a 0.35% fee (waived for the first $1 billion in assets). This model diverges from futures-based ETFs, offering investors regulated custody and simplified access to assets like Dogecoin and XRP without the complexities of self-custody. Grayscale's launch followed a regulatory path where private placements transitioned to public listings, a strategy mirrored by competitors like Franklin Templeton and Bitwise. The latter's XRP ETF (XRPC) debuted with $250 million in first-day inflows, underscoring investor appetite.

The SEC's evolving stance has accelerated approvals, particularly for altcoins with established liquidity and institutional interest. For instance, XRP's global usage in cross-border settlements and Dogecoin's high trading volume position them as viable candidates for ETF structures. This trend aligns with broader market dynamics: while Bitcoin and Ethereum remain dominant, altcoin ETFs are now seen as tools for diversification, especially as liquidity in crypto markets stabilizes. Analysts note that the arrival of these ETFs has already influenced trading patterns, with increased institutional visibility and arbitrage activity narrowing price gaps between spot and ETF markets.

However, regulatory caution persists. VanEck's recent decision to scrap staking plans for its BNB ETF highlights the SEC's scrutiny of token utility and securities law applicability. While the SEC's guidance on proof-of-stake activities suggests some clarity, debates over whether staking constitutes an investment contract remain unresolved. This ambiguity has led firms to adopt conservative approaches, prioritizing compliance over yield-generating strategies.

The market's response to ETF launches has been mixed. XRP fell 18% since early November despite multiple ETF approvals, indicating that regulatory progress alone may not drive price momentum. Meanwhile, Bitcoin's recent struggles-down 25% from October peaks-underscore broader macroeconomic pressures, including uncertainty around Federal Reserve rate cuts. Yet, the ETF infrastructure itself is gaining traction. Grayscale's GXRP and GDOG now sit alongside over 40 crypto products on NYSE Arca, with competitors like Bitwise and Franklin Templeton launching similar offerings.

Looking ahead, the SEC's continued focus on disclosure-driven frameworks could attract traditional asset managers like T. Rowe Price to the crypto space. The firm's potential entry would align with industry trends, as institutional investors seek regulated avenues to diversify portfolios. For now, the spotlight remains on Grayscale and its peers, whose ETFs are reshaping how investors access digital assets while navigating the regulatory tightrope.