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SEC formally accepts Grayscale XRP and Dogecoin ETF applications for review
In a significant development, the United States Securities and Exchange Commission (SEC) has officially accepted Grayscale’s applications to convert its trusts into ETFs (Exchange-Traded Funds) for both XRP and Dogecoin. This decision marks a potential shift in the regulatory agency’s stance on digital assets, despite ongoing legal challenges.
As previously reported, Grayscale aims to convert its trusts into ETFs, providing investors with exposure to these digital assets without direct ownership. Coinbase Custody Trust Company will serve as custodian, while BNY Mellon handles administration and transfer agent responsibilities for both funds.
The SEC’s decision has initiated a 21-day public comment period, after which it will decide whether to approve, disapprove, or institute proceedings. This development contrasts with previous instances where the SEC’s reluctance led to the withdrawal of similar applications.
It is essential to note that Ripple and the SEC are still engaged in a legal battle over XRP’s classification. However, this acceptance may be seen as a positive sign that the regulator is becoming more receptive to crypto investment products.
Grayscale has been actively expanding its ETF offerings by pursuing conversions of its trusts into ETFs for other digital assets like Litecoin and Solana. The asset manager also seeks approval to launch its Cardano Trust.
Dogecoin, which ranks eighth in market capitalization according to CoinGecko data, was initially created as a humorous alternative to Bitcoin but has gained substantial support from Elon Musk. XRP currently holds the position of third-largest digital asset by market capitalization.
It remains to be seen whether these ETFs will eventually be listed for trading on any major exchanges.
Source: cryptobriefing.com
