The US SEC has recognized proposed rule changes that would allow NYSE Arca to list and trade shares of the Grayscale XRP Trust and Grayscale Dogecoin Trust. This is an important step, especially for the Grayscale XRP Trust, as Ripple and the SEC are still in a legal battle over XRP’s classification.
Bloomberg ETF analyst James Seyffart noted that a 45-day review period will start once the proposal is published in the Federal Register. Although the SEC’s acknowledgment is a positive sign, it does not guarantee approval. In the past, the SEC has been hesitant about crypto investment products, leading to the withdrawal of similar applications.
The SEC has also opened a 21-day public comment period for the applications submitted through NYSE Arca. After this period, the SEC will decide whether to approve or disapprove the proposals or take further action. NYSE Arca filed a 19b-4 form last month to seek approval for the Grayscale XRP Trust, which managed $16.1 million in assets as of January 22, 2025.
For the Grayscale Dogecoin Trust, NYSE Arca submitted its 19b-4 form on January 31, shortly after Grayscale launched the trust. These proposed ETFs would allow investors to gain exposure to digital assets without owning them directly. Coinbase Custody Trust Company will serve as the custodian, while BNY Mellon will handle administration and transfer agent duties.
Grayscale is actively expanding its ETF offerings. It aims to convert its trusts into ETFs for XRP, Litecoin, and Solana. Additionally, it is seeking approval to launch its Cardano Trust.
