SEC Confirms Grayscale ETF Change, Ripple CEO Believes XRP ETF is Imminent

Since the approval of a spot Bitcoin ETF in January this year, the product has brought billions of dollars into the crypto market.

Fresh applications for XRP ETFs have been submitted by Canary Capital and Bitwise, respectively, much to the pleasure of the XRP community. The launch of an exchange-traded fund would herald an influx of institutional capital into the XRP market, potentially driving up the coin's value.

This follows the approval of a spot Bitcoin ETF in January, which brought billions of dollars into the crypto market. After the success of Bitcoin ETFs, the industry pushed for an ETH ETF which was eventually approved by the SEC six months later in July.

Now, the industry is targeting ETFs for other cryptocurrencies including XRP.

Recently, a post on X (formerly Twitter) by ETF Store president and ETF Institute co-founder Nate Geraci revealed that the Securities and Exchange Commission (SEC) has acknowledged a proposal to convert the Grayscale Digital Large Cap Fund (GDLC) into an ETF.

Grayscale Investments, an American digital asset management company, applied to convert its GDLC which included popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Avalanche (AVAX), into ETFs.

According to Geraci, the GDLC holds approximately 77% BTC, 17% ETH, and the rest in the other crypto coins. Grayscale aims to make these assets available and properly regulated for its investors by converting them to ETFs.

“SEC now soliciting public comments & decision clock starts ticking,” a part of Geraci's tweet reads.

Moreover, Geraci noted that the SEC is now soliciting public opinion, to collect comments from prospective investors.

On the other hand, Ripple CEO Brad Garlinghouse has expressed confidence in an impending XRP ETF approval. Despite the blockchain company's ongoing legal battle with the SEC, Garlinghouse and his team of executives believe an XRP ETF is “inevitable.”

In an interview with Bloomberg, Garlinghouse highlighted the growing interest in XRP, evidenced by two recent ETF filings around XRP by Canary Capital Group and Btwise, among other things.

He went on to say that the industry would soon get an XRP ETF, adding to the broader trend of more institutionalized participation in the crypto industry.

“I do think it (ETFs) creates upward pressure on the prices of many different crypto, including XRP,” … “and I think the XRP ETF would do quite well,” he added.

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