Grayscale XRP Trust Now Under SEC Review for Conversion to ETF

The U.S. Securities and Exchange Commission (SEC) has acknowledged Grayscale XRP Trust and Grayscale Dogecoin Trust filings.

Key Takeaways: – The SEC acknowledged Grayscale’s filings for Grayscale XRP Trust and Grayscale Dogecoin Trust, initiating a 240-day review and a 21-day public comment period. – Approval for an XRP ETF remains uncertain due to the SEC’s ongoing lawsuit against Ripple Labs, despite a prior court ruling favouring Ripple.

The SEC’s acknowledgement on February 13 of Grayscale’s Form 19b-4 filings for the Grayscale XRP Trust and the Grayscale Dogecoin Trust signals the start of a review process.

Under regulatory guidelines, the agency has up to 240 days to approve or reject the applications. A 21-day public comment period has also been initiated for the proposals, which were submitted through NYSE Arca.

NEW: There it is — The SEC just acknowledged @Grayscale & @NYSE’s 19b-4 filing to list an XRP ETF

(this was mostly expected but officially means the clock will start soon for this and Dogecoin) pic.twitter.com/IQgTqPiiOe

— James Seyffart (@JSeyff) February 13, 2025

NYSE Arca initially filed for the listing of Grayscale XRP Trust last month, while the Dogecoin Trust application followed on January 31, soon after the product’s launch.

If approved, these ETFs would provide investors exposure to XRP and Dogecoin without requiring direct ownership of the digital assets. Coinbase Custody Trust Company is set to serve as custodian, while BNY Mellon will handle administrative and transfer services.

Despite the acknowledgement, regulatory uncertainties persist, particularly regarding XRP’s classification as a security. Bloomberg ETF analyst James Seyffart has suggested that an XRP ETF is unlikely to gain approval until the SEC’s legal battle with Ripple Labs is resolved.

The lawsuit has been a focal point in the broader debate over crypto regulations. Ripple previously secured a partial court victory in August 2023, when it was ruled that XRP was not a security when sold on secondary markets, though the SEC has appealed the decision.

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