XRP ETF Race: New Filing Acknowledged by SEC

This is the first ETF with XRP exposure that could be approved by the SEC

According to Nate Geraci, co-founder of The ETF Institute, the U.S. Securities and Exchange Commission has "formally acknowledged" Grayscale's filing to convert the Grayscale Digital Large Cap Fund (GDLC) into an exchange-traded fund.

The multi-asset fund offers exposure to such cryptocurrencies as 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.

Earlier this month, Bitwise and Canary Capital both filed their respective XRP ETF applications. Such a product, however, is unlikely to be greenlit anytime soon by the SEC.

That said, leading ETF expert Eric Balchunas argued that a combo crypto ETF with some illiquid assets could be potentially approved by the SEC.

Bitcoin ETFs have been a tremendous success with tens of billions of dollars worth of inflows. However, it took roughly a decade for this product to be eventually approved.

As reported by U.Today, Ripple CEO Brad Garlinghouse has repeatedly stated that an XRP ETF is "inevitable."

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].

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XRP ETF Race: New Filing Acknowledged by SEC

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