SEC accepts Grayscale XRP Trust ETF conversion application, opens review process

According to Fox Business reporter Eleanor Terrett, the US Securities and Exchange Commission (SEC) has officially accepted Grayscale and NYSE's 19b-4 application to convert Grayscale XRP Trust into an exchange traded fund (ETF). Although this does not mean automatic approval, nor can it guarantee that the SEC will ultimately approve the application, this development demonstrates the SEC's more open attitude towards cryptocurrency ETFs, rather than directly refusing to consider such products. Previously, due to the SEC's tough stance, the exchange had withdrawn its Solana (SOL) ETF application. However, the SEC's acceptance of XRP ETF applications indicates that cryptocurrency ETFs such as LTC, DOGE, SOL, and XRP still have the possibility of approval. The SEC expects to publish the application in the Federal Register within a few days, and the 240 day approval window will officially open. In addition, XRP ETF applications from institutions such as Bitwise, 21Shares, Canary Funds, and WisdomTree are still awaiting SEC processing.