The Securities and Exchange Commission of the United States has officially recognized the archives of Grayscale for Spot XRP and Dogecoin-listed funds, so that the assessment process is stopped that these crypto funds could see on the market later this year.
The Commission published on 13 February notification For the Form 19B-4 archives of Grayscale, a procedural step before the start of a 240-day window to assess the applications and decide.
The countdown starts as soon as the archives have been introduced in the federal register, which usually happens within a few days after the committee acknowledged Applications. If it is processed quickly, a final decision could be made mid -October.
Respond to development, FOX Business journalist Eleanor Terrett explained That although the recognition does not mean “automatic approval”, it still marks a remarkable shift in the position of the SEC.
She pointed out that the agency, under its current leadership, is “more spacious” and is willing to go into Crypto ETF proposals instead of rejecting them.
She remembered that in December, after the SEC Solana ETF applications, Gary Gender, after the SEC Solana ETF applications, indicated that it would not deal with them. The SEC, on the other hand, seems to be more open to the consideration of such archives, which makes it hope that these crypto-based products can ultimately launch.
Looking ahead, Terrett expects that the SEC will soon focus its attention on XRP ETF applications from other issents who followed Grayscale’s lead. Four other issues, namely Bitwise, 21Shares, Canary Capital and Wisdomtree, have submitted their own proposals, who are now waiting for recognition.
NYSE ARCA submitted a proposed change of rule on 30 January to the SEC to sum up and trades shares of the Grayscale XRP Trust, followed by a similar request for the Grayscale Dogecoin Trust on January 31.
Bloomberg analysts James Seyffart and Eric Balchunas estimate the chances that XRP and Dogecoin ETFs are approved by 65% and 70% respectively.
