Grayscale filed a 19b-4 application to create an XRP ETF. The firm has been petitioning the SEC for several new ETF products in recent weeks.

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, the issuer of the third-largest 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.

Earlier today, Grayscale also introduced a new Bitcoin Miner ETF in the market. Now, the asset management firm is adding another product to its list of crypto funds, filing the application to convert its XRP trust into an ETF. The trust holds nearly $16 million in assets.

The XRP ETF has been a prominent goal in the crypto community for months, and several other firms are also waiting for approval. Wisdom Tree, 21Shares, Canary Capital, and Bitwise also have pending XRP ETF applications with the SEC.

Ripple’s CEO Brad Garlinghouse considers the approval “inevitable,” and Polymarket gives the prospect overwhelming odds of success. Still, the SEC might take time to approve these applications.

The SEC vs. Ripple lawsuit is still active, although the commission recently removed the case from its website. Until it’s formally dismissed, an XRP ETF might be unlikely.

“The single most important thing the SEC can do, and must do, to restore the rule of law is end its enforcement actions against crypto companies that acted in good faith and were ambushed by Gary Gensler. So far, the SEC has taken no public steps to right these wrongs. Why wait?” wrote Jake Chervinsky, a popular crypto lawyer.

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.

“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.

It’s an important consideration, 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, but it still remains bullish.

The post Grayscale Files For a XRP ETF with the SEC appeared first on BeInCrypto.

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