Will The First Spot XRP ETF Launch This Month?
The post Will The First Spot XRP ETF Launch This Month? appeared on BitcoinEthereumNews.com. The U.S. Securities and Exchange Commission (SEC) has issued a statement, calling for comments on its review of the Trading Division’s approval of Grayscale’s Digital Large Cap (GDLC) Fund, which could become the first spot XRP ETF. The altcoin accounts for 5.99% of the fund’s total holdings. The Commission also called for comments on the Bitwise Crypto Index Fund, which holds 10 assets, including XRP. The SEC has placed a deadline of August 22 for these comments, indicating that it could approve these funds to launch thereafter. SEC Calls For Comments On Grayscale’s XRP ETF In a Federal Register Notice, the Commission called for statements on its review of an order approving a proposed rule change that allows the New York Stock Exchange (NYSE) to list and trade shares of the GDLC Fund. The agency made this call pursuant to the Commission Rule of Practice 431. In line with this, stakeholders have until August 22 to file a statement in support of or in opposition to the approval order for Grayscale’s BTC, ETH, SOL, ADA, and XRP ETF made by the Division of Trading and Markets under delegated authority. The SEC’s Trading Division had approved the GDLC Fund on July 1, but ordered a stay on the approval pending when the Commission orders otherwise. In the latest notice, the Commission ordered that the stay order is still in place pending further order of the Commission. Grayscale has already challenged this stay order on its XRP ETF, arguing that the SEC doesn’t have the authority to do so under 19b of the Exchange Act. The asset manager and the NYSE further argued that the Act supersedes the Commission Rules of Practice, which makes the order invalid. Section 19b of the Exchange Act provides that the SEC has to approve or deny…
The post Will The First Spot XRP ETF Launch This Month? appeared on BitcoinEthereumNews.com.
The U.S. Securities and Exchange Commission (SEC) has issued a statement, calling for comments on its review of the Trading Division’s approval of Grayscale’s Digital Large Cap (GDLC) Fund, which could become the first spot XRP ETF. The altcoin accounts for 5.99% of the fund’s total holdings. The Commission also called for comments on the Bitwise Crypto Index Fund, which holds 10 assets, including XRP. The SEC has placed a deadline of August 22 for these comments, indicating that it could approve these funds to launch thereafter. SEC Calls For Comments On Grayscale’s XRP ETF In a Federal Register Notice, the Commission called for statements on its review of an order approving a proposed rule change that allows the New York Stock Exchange (NYSE) to list and trade shares of the GDLC Fund. The agency made this call pursuant to the Commission Rule of Practice 431. In line with this, stakeholders have until August 22 to file a statement in support of or in opposition to the approval order for Grayscale’s BTC, ETH, SOL, ADA, and XRP ETF made by the Division of Trading and Markets under delegated authority. The SEC’s Trading Division had approved the GDLC Fund on July 1, but ordered a stay on the approval pending when the Commission orders otherwise. In the latest notice, the Commission ordered that the stay order is still in place pending further order of the Commission. Grayscale has already challenged this stay order on its XRP ETF, arguing that the SEC doesn’t have the authority to do so under 19b of the Exchange Act. The asset manager and the NYSE further argued that the Act supersedes the Commission Rules of Practice, which makes the order invalid. Section 19b of the Exchange Act provides that the SEC has to approve or deny…
What's Your Reaction?
