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The SEC acknowledges a new EFT filing containing XRP, amongst other crypto assets such as Ethereum, Avalanche (AVAX), and Solana (SOL).
Nate Geraci, co-founder of The ETF Institute, has stated that the U.S. Securities and Exchange Commission (SEC) has “formally acknowledged” Grayscale’s request to convert the Grayscale Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF).
This multi-asset fund includes cryptocurrencies such as XRP, Ethereum (ETH), Avalanche (AVAX), and Solana (SOL), with Bitcoin (BTC) making up a significant 77% of the fund’s assets under management.
The SEC has issued a notice to invite public comments from potential investors regarding this filing.
Earlier this month, both Bitwise and Canary Capital submitted their own applications for XRP ETFs.
Although the SEC has acknowledged a new ETF filing containing XRP, experts believe that approval for these products is unlikely in the near future.
Leading ETF analyst Eric Balchunas suggested that a combined crypto ETF featuring some illiquid assets might stand a better chance of receiving SEC approval.
While Bitcoin ETFs have seen tremendous success, attracting tens of billions in inflows, it took about a decade for them to be approved.
Meanwhile, Ripple CEO Brad Garlinghouse has consistently expressed confidence that an XRP ETF is “inevitable.”
But I’m curious to know what you think — leave your thoughts below.
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Also Read: Japan’s Banking System Is Now Preparing To Adopt XRP
The post The SEC Acknowledges A New ETF Filing Containing XRP appeared first on Daily Market News 🗞️.