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The US Securities and Exchange Commission (SEC) has officially acknowledged Nasdaq’s filing for the CoinShares XRP ETF, paving the way for a 21-day public comment period. This marks the second step in the two-stage process of proposing crypto ETFs to the regulatory body.
Following the Federal Register publication, the SEC will now evaluate whether to approve, disapprove, or initiate proceedings after the comment period concludes. This development is significant, as it follows the agency’s approval of spot Bitcoin and Ethereum ETFs in January 2024 and July, respectively.
As a follow-up to its S-1 filing submission last month, CoinShares has filed 19b-4 forms for both an XRP ETF and a Litecoin ETF with the SEC. These submissions aim to expand the European digital asset investment firm’s US presence.
Notably, Bloomberg ETF analysts James Seyffart and Eric Balchunas have assigned a 65% probability of approval for XRP exchange-traded products, citing the recent approvals of spot Bitcoin and Ethereum ETFs. The current market capitalization of XRP stands at $2.5 billion, making it the third-largest crypto asset.
It is worth noting that this development comes on the heels of Nasdaq submitting regulatory documentation to the SEC for both an XRP ETF and a Litecoin ETF from CoinShares earlier this month.
Source: cryptobriefing.com
