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Grayscale Seeks XRP ETF Approval on NYSE Amidst Evolving Crypto Landscape

Coin WorldThursday, Jan 30, 2025 4:02 pm ET

1min read

Grayscale Files for XRP ETF with NYSE Amidst Evolving Regulatory Landscape

In a significant development, Grayscale Investments has filed a 19b-4 request with the U.S. Securities and Exchange Commission (SEC) to convert its XRP Trust into a spot exchange-traded fund (ETF). This move, submitted through NYSE Arca, aims to simplify investor access to digital assets, particularly XRP, amidst increasing regulatory clarity.

The trust, one of the world's largest XRP investment funds by assets under management, boasts approximately $16.1 million. NYSE Arca's initiative to convert Grayscale's XRP Trust into a spot ETF demonstrates growing institutional interest in digital assets, potentially reshaping investor access.

NYSE Arca's 19b-4 Filing: A Significant Step for Crypto ETFs

On Thursday, NYSE Arca filed a 19b-4 request with the U.S. Securities and Exchange Commission (SEC) to transition Grayscale's XRP Trust into a spot ETF. This request is a crucial part of the regulatory process, designed to streamline institutional investment in digital currencies. Once acknowledged by the SEC, the filing will be published in the Federal Register, launching the formal approval procedures.

As noted in the filing, the trust holds significant assets, making it one of the world's largest investment funds focused on XRP. The growing interest in crypto ETFs illustrates a broader acceptance of digital currencies in the investment landscape, which could lead to increased market stability.

Market Implications of Increasing Crypto ETFs

The recent developments surrounding crypto ETFs, particularly NYSE Arca's filing, point to a burgeoning landscape of financial instruments aimed at facilitating investor access to cryptocurrencies. Analysts suggest that the SEC's evolving stance may pave the way for a diversified array of ETFs, including those linked to assets like Dogecoin, XRP, Litecoin, and Solana.

As traditional financial firms increasingly embrace digital assets, investors could benefit from a more structured approach to gaining exposure to cryptocurrencies. The anticipated friendlier regulatory environment under the new administration further reinforces this trend.

The Role of Coinbase and BNY Mellon

In this ambitious transition, Coinbase

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