The SEC is reopening the conversation on two major crypto funds that could pave the way for the first U.S. spot XRP ETF.
In separate Federal Register notices, the agency asked for public input on Grayscale’s Digital Large Cap (GDLC) Fund and Bitwise’s 10 Crypto Index Fund, both of which include XRP in their holdings. Feedback is due by August 22, after which the Commission could decide whether to let the products move forward.
The GDLC Fund, which allocates just under 6% to XRP alongside BTC, ETH, SOL, and ADA, was signed off by the SEC’s Trading and Markets Division on July 1. That approval was immediately frozen by the Commission itself, prompting Grayscale to argue that under Section 19b of the Exchange Act, the fund should have been automatically approved once the 240-day decision window passed.
Bitwise’s BITW fund, holding around 5.9% in XRP along with nine other major cryptocurrencies, faces the same procedural snag. It too received initial approval from the Trading Division, only for the Commission to pause the process pending a formal review.
Bloomberg’s James Seyffart expects a clearer regulatory direction before the end of the month, while fellow analyst Eric Balchunas has suggested the SEC could greenlight XRP-specific spot ETFs as soon as September or October.
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Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/xrp-etf-decision-nears-as-sec-examines-grayscale-and-bitwise-products/