Clock for Grayscale XRP ETFs begins as Federal Register Filing Starts

The registration for Grayscale’s proposed XRP exchange-traded bank has actually hit the U. S. Securities and Exchange Commission’s Federal Register, bringing it one step closer to becoming a reality. &nbsp, &nbsp,

The release, which entered on Thursday, has triggered a 21-day post time, with the regulation expected to review, dispute, or more assessment Grayscale’s processing by October 18.

If approved, the ETF may provide a controlled car for coverage to XRP, one of the most talked-about cryptos in the market, amid enthusiasm surrounding its legal and regulatory position.

Speaking to , Saravanan Pandian, CEO and founder of crypto exchange KoinBX, said while the review process may involve assessing market risks, buyer protections, and constitutional classifications, a possible approval was set a” revolutionary precedent for XRP and the broader bitcoin ecosystem”.

” In the long run, certifications of crypto-based ETFs, like Grayscale’s XRP ETF, could significantly affect the crypto society by legitimizing electronic goods as a recognized purchase class”, Pandian added.

Reports about Bank of America‘s possible use of the key for internal transactions and rumors about the SEC’s position on Ripple’s long-running legal battle have contributed to the crypto’s recent resurgence. &nbsp,

While XRP is down 1 % on the day to$ 2.66, it’s up by more than 381 % over the past 12 months, CoinGecko data shows.

The SEC’s lawsuit, filed in December 2020, accused Ripple of raising over$ 1.3 billion through unregulated XRP sales, classifying the sign as a protection under the Howey Test. &nbsp,

” There is a great probability that an XRP ETF will start this time”, Arthur Azizov, CEO of crypto payment option B2BINPAY, told . How soon will this change based on how quickly the SEC legal disputes are settled?

He continued,” An ETF would significantly increase capital inflows into the asset, driving its price higher, because it would facilitate institutional investors with easier access to XRP.”

Now that Acting Chair Mark Uyeda is in charge, several issuers are vying to pass through crypto ETFs, with crypto enthusiasts looking for a change in the regulator’s stance on the sector.

The agency has already acknowledged multiple XRP ETF filings in the past few weeks from Canary Capital, WisdomTree, Bitwise, CoinShares, and 21Shares, &nbsp,

On February 18, asset managers VanEck, 21Shares, Bitwise, and Canary Capital filed for Solana ( SOL ) ETF filings, which were published in the Federal Register along with others, in a list of altcoin ETFs.

According to Pandian,” These approvals indicate a growing level of institutional and governmental recognition, which increases credibility and fosters trust in the wider financial ecosystem.”

In any case, Grayscale’s ETF’s approval process depends on the public’s opinions and whether it adheres to SEC investor protection standards.