Grayscale Seeks SEC Nod for XRP ETF

Grayscale Files For a XRP ETF with the SEC

Grayscale, the world's largest digital currency asset manager, has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking the price of XRP, the native cryptocurrency of the Ripple network. The application, submitted under the Investment Company Act of 1940, seeks to create a new fund that would allow investors to gain exposure to XRP without having to hold the digital asset directly.

The proposed ETF, known as the Grayscale XRP Trust, would be structured similarly to Grayscale's existing Bitcoin and Ethereum Trusts, which have been trading on the OTCQX market under the ticker symbols GBTC and ETHE, respectively. The new fund would aim to provide investors with a secure and convenient way to invest in XRP, while also offering the potential for capital appreciation as the cryptocurrency market continues to grow.

Grayscale's application comes at a time when the SEC is increasingly open to the idea of cryptocurrency ETFs. In recent months, the commission has approved several Bitcoin and Ethereum ETFs, and there is growing optimism that other digital assets, such as XRP, could soon follow suit. However, the SEC has been cautious in its approach to cryptocurrency ETFs, and it remains to be seen whether the Grayscale XRP Trust will be approved in the near future.

The XRP ETF has been a prominent goal in the crypto community for months, with many industry experts and investors believing that its approval is inevitable. Ripple's CEO, Brad Garlinghouse, has expressed confidence in the prospect of an XRP ETF, stating that it is "inevitable" and that Polymarket gives the prospect overwhelming odds of success. However, the SEC has not yet approved any XRP ETF, and the process could still take some time.

Grayscale's application for a XRP ETF is just one of many recent developments in the cryptocurrency market. As the industry continues to grow and evolve, investors and regulators alike are keeping a close eye on the potential for new ETFs and other financial products to emerge. The future of cryptocurrency ETFs remains uncertain, but the Grayscale XRP Trust represents an important step in the ongoing effort to