#XRPETFIncoming? NYSE Arca seeks approval to convert Grayscale XRP Trust into spot ETF

AI Summary

According to Odaily, the New York Stock Exchange (NYSE) Arca has filed a 19b-4 document aimed at converting Grayscale’s XRP Trust into a spot exchange-traded fund (ETF). The trust currently manages approximately $16.1 million in assets. The filing is the second step in a two-step process for filing a spot crypto ETF with the U.S. Securities and Exchange Commission (SEC). The exchange files a 19b-4 document with the SEC to propose amendments to existing rules that would allow ETF trading. This step is crucial in the ETF approval process, and once the SEC approves the document, it will be published in the Federal Register, initiating the approval process.