The U.S. Securities and Exchange Commission could acknowledge Grayscale Investments’ request to turn its XRP Trust into a spot exchange-traded fund as early as Thursday, February 13.
Eleanor Terrett, a journalist at FOX Business, says that this expectation comes from the fact that the SEC usually has 15 days to respond to a 19b-4 filing. Grayscale sent on January 30, making Feb 13 a key date for the event.
Grayscale wants to turn its XRP Trust, which manages assets worth about $16.1 million at the moment, into an ETF.
If the approval actually happens, it could be a major step toward XRP joining the ranks of Bitcoin and Ethereum, both of which already have spot ETFs.
This will help Grayscale’s clientele to trade XRP on the New York Stock Exchange. Investors would be able to trade shares in the fund, giving them access to XRP without having to deal with the hassles of directly owning the cryptocurrency.
Under the leadership of former SEC Chair Gary Gensler, when XRP was considered an unregistered security, this was unthinkable. However, times have now changed. The federal court has already ruled that XRP is not a security.
Even though the idea of an XRP ETF is exciting, James Seyffart and Eric Balchunas of Bloomberg say it has only a 65% chance of being approved this year.
Also Read: Cboe Files With SEC for First Spot XRP ETFs in the U.S.
