Grayscale Files For a XRP ETF with the SEC

The SEC has taken tentative steps at approving an altcoin ETF, but it doesn’t seem to be in a hurry. Trump’s nominee for Chair hasn’t been confirmed yet, and the short-staffed Commission may be playing it safe.

Grayscale’s XRP ETF

Grayscale, the leader in the fight for a Bitcoin ETF, has been offering quite a diverse range of ETF products. After its first listing, it followed up with a Mini Bitcoin ETF and options trading, and currently has live applications for several other crypto products. Today, Grayscale is adding onto this roster, with a new filing for an XRP ETF.

The XRP ETF has been a prominent goal in the crypto community for months, and Grayscale is hardly the first firm to pursue it. Ripple’s CEO Brad Garlinghouse considers the approval “inevitable,” and Polymarket gives the prospect overwhelming odds of success. Still, this hasn’t actually happened yet.

Since Gary Gensler resigned, a huge inflow of ETF applications has reached the SEC. As of yesterday, the Commission made the first steps towards a Litecoin ETF, but there isn’t much other visible progress. Still, ETF analyst James Seyffart urged the community to show some patience regarding its pro-crypto realignment.

“Potentially Hot take: The SEC doesn’t have much of a reason to rush as quickly as possible on this stuff. I personally think they should handle these situations after Atkins is confirmed and in his seat at the SEC,” Seyffart claimed.

Seyffart did not directly respond to Grayscale’s XRP ETF application, but he made these comments less than 15 minutes after noticing the filing. It’s an important rule of thumb to remember, especially considering that the SEC is currently short-staffed.

Ultimately, the XRP ETF seems very likely, but that doesn’t mean Grayscale’s application will go through in the immediate future. For now, the Commission has made a little progress on one altcoin ETF, and will probably do more soon. The price of XRP has barely budged since this application went through, in any event. The community will just have to wait for updates.