XRP ETF Race: New Filing Acknowledged by SEC

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As a seasoned researcher with over two decades of experience in the financial industry, I’ve seen more than my fair share of regulatory hurdles and market trends. The recent move by Grayscale to convert their Digital Large Cap Fund into an exchange-traded fund is intriguing, especially given the SEC’s acknowledgment.

As reported by Nate Geraci, co-founder of The ETF Institute, the U.S. Securities and Exchange Commission has recognized Grayscale’s application for changing the Grayscale Digital Large Cap Fund (GDLC) into a tradable exchange-traded fund.

This multi-asset investment option provides access to various digital currencies including Ripple (XRP), Ethereum (ETH), Avalanche (AVAX), and Solana (SOL).

Bitcoin (BTC) accounts for the vast majority of the fund’s assets under management (77%). 

The SEC has published a notice in order to solicit public comments from potential investors. 

This past month, I’ve been closely following the news about the applications submitted by Bitwise and Canary Capital for an XRP-based ETF. Regrettably, it seems that the Securities and Exchange Commission (SEC) may not grant approval for this product in the near future.

As a crypto investor, I find myself pondering over Eric Balchunas’ perspective – a renowned ETF specialist – suggesting that a mixed crypto ETF incorporating less liquid assets might just gain approval from the SEC.

Over the past decade, Bitcoin Exchange-Traded Funds (ETFs) have experienced significant growth, attracting approximately tens of billions of dollars in investments. Yet, it wasn’t until recently that these financial products were finally given approval.

According to a report from U.Today, Brad Garlinghouse, the CEO of Ripple, has consistently expressed his belief that an Exchange Traded Fund (ETF) for XRP is unavoidable.

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2024-10-31 00:11