- As the crypto market continues to grow further, the agency will also possibly look at XRP ETF applications from the behindhand entrants.
- In the recent past, the SEC accepted applications from Canary, VanEck, and 21Shares for spot Solana ETFs and was looking for public feedback.
- At that point, when the ETF filing of Grayscale is published in the Federal Register, the SEC will start its formal review period.
On February 13, the Securities and Exchange Commission of the United States accepted the application of Grayscale to change its XRP and Dogecoin Trusts into ETFs, indicating a remarkable move that could mark a change in its approach to crypto products.
The agency proposed a regulatory notice looking for public input on the offered rule amendment for the Grayscale XRP Trust under a rule known as the NYSE Arca Rule 8.201-E. Just after some time, it requested comments on Dogecoin Trust of Grayscale.
These advancements have shown that the Commission has become more crypto-friendly and is now open to crypto revolutions. It shows a clear change from last year when exchanges took out their Solana 19b-4 applications after slight engagement from the last SEC leadership.
More crypto-friendly environment
At the same time, new crypto ETF filings such as $LTC, $DOGE, $SOL, and $XRP still must go through the complete approval process. Also, the prime acceptance of the SEC is a guarantee of its future launch.
As the crypto market continues to grow further, the agency will also possibly look at XRP ETF applications from the behindhand entrants. At that point, when the ETF filing of Grayscale is published in the Federal Register, the SEC will start its formal review period, which can go up to 240 days.
In reality, the anticipation for whether the SEC will approve or reject the proposal starts soon after the filing comes in this official government publication, indicating a crucial step in the regulatory process.
The prediction of acceptance
An ETF analyst from Bloomberg, James Seyffart noticed that the latest acceptance of the SEC indicates a clear exit from its previous stance, mentioning that filings such as Solana’s were effectively denied in December. He further added that it means that there is still a chance.
At the beginning of this week, he predicted that the Securities and Exchange Commission would carefully identify XRP and Dogecoin ETFs within some days. He also predicted a 70% probability of acceptance for XRP and around 65% for Dogecoin.
He also predicted a higher chance of acceptance for a Litecoin ETF which stood at 90% and a Solana ETF which stood at 70%. At the same time, Seyffart also highlighted that an XRP ETF is still unexpected till the current Ripple litigation with the SEC is resolved.
In the recent past, the SEC accepted applications from Canary, VanEck, and 21Shares for spot Solana ETFs and was looking for public feedback.
