The post XRP ETF Around The Corner: As SEC Acknowledged Grayscale’s ETF Change appeared first on Coinpedia Fintech News
Crypto ETFs are becoming very popular! After the approval of several Spot Bitcoin ETFs in the U.S., Australia, Hong Kong, and more with Ethereum ETFs. This has sparked a wave of excitement around crypto ETFs. Recently, Canary Capital and Bitwise applied for XRP ETFs. Plus, Grayscale recently asked the SEC to change its Digital Large Cap Fund, which includes BTC, ETH, and XRP, into E
SEC Acknowledged Grayscale’s ETF Change
The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Grayscale’s request to turn its Grayscale Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF).
SEC has formally acknowledged filing to convert Grayscale Digital Large Cap Fund (GDLC) into an ETF…GDLC holds approx 77% btc, 17% eth, & remainder in sol, xrp, & avax.SEC now soliciting public comments & decision clock starts ticking. pic.twitter.com/5zl6vHmyKo
— Nate Geraci (@NateGeraci) October 30, 2024
Grayscale Investments, a top player in crypto asset management, was looking to convert its Digital Large Cap Fund. This fund includes popular cryptocurrencies like Bitcoin, Ethereum, Solana, XRP, and Avalanche. By changing it to an ETF, Grayscale aims to make these digital assets more accessible and regulated for investors.
However, to get the public involved, the SEC has opened a notice to collect comments from possible investors. This means the SEC is not just considering Grayscale’s request; they want to hear what everyone thinks about it.
XRP ETFs Stir Interest
In October, interest in XRP ETFs increased with the applications submitted by Canary Capital Group and Bitwise. However, experts believe that the SEC may not approve these products quickly.
Meanwhile, ETF expert Eric Balchunas thinks that a combined crypto ETF could be approved faster than individual ones.
Bitcoin ETFs have already been a big hit, bringing in billions of dollars in investments. Perhaps, it took about ten years for these products to be approved, showing that getting approval can take time.
Ripple CEO: XRP ETF Is Inevitable.
Although, Ripple, is currently fighting a $125 million fine from the SEC. Despite this challenge, Ripple’s CEO, Brad Garlinghouse, is confident about the future of XRP ETFs. He believes that having an XRP ETF is “inevitable” and that it will do well because of the growing community around XRP.
Garlinghouse sees ETFs as an important factor that can drive prices up for different cryptocurrencies. He claims that these products create “upward pressure” on prices, which could help the whole crypto market.
