The US Securities and Exchange Commission (SEC) has formally acknowledged Grayscale’s 19b-4 filing for an XRP exchange-traded fund (ETF). The agency's action indicates that it will consider the proposal but does not guarantee approval.

Meanwhile, the XRPUSD H1 chart indicates a bullish trend that began yesterday. The price reached approximately 2.78000 and may continue its upward movement for the near term.

SEC Starts XRP ETF Review Process

Grayscale plans to convert its existing XRP Trust into a fully tradable ETF on the New York Stock Exchange (NYSE) Arca. The company launched its XRP Trust several years ago, similar to its Bitcoin and Ethereum trusts. If approved, the conversion would increase liquidity and accessibility for investors.

The SEC’s acknowledgment is only the first step in the approval process. The filing will be published in the Federal Register, allowing a 21-day public comment period. After that, the SEC can approve, reject, or extend the review by initiating further proceedings.

The decision follows a history of the SEC refusing to engage with altcoin ETF applications under former Chairman Gary Gensler. Solana ETF applications were withdrawn in recent months after the SEC declined to discuss them. The agency has also acknowledged filings for a Dogecoin ETF, a shift from past policies where altcoin ETF applications were typically rejected or withdrawn.

More Firms Await SEC XRP ETF Acknowledgment

Other firms, including Bitwise Invest, 21Shares, Canary Funds, and WisdomTree Funds, have also filed for XRP ETFs. However, their applications have not yet been formally acknowledged.

Meanwhile, President Trump has nominated Paul Atkins as the next SEC chairman. Until his confirmation, Mark Uyeda is serving as the acting chairman.

Source: Finance Magnates