With a Solana Spot ETF now in the market, prominent figures and companies are significantly pushing for an XRP Spot ETF, considering it the next big thing for the crypto landscape. As the approval date draws closer, several companies, such as Grayscale, are refining their regulatory approach.
Grayscale Sharpens Its XRP ETF Strategy
Given the wave of fresh applications, the race for an XRP Spot Exchange-Traded Fund (ETF) continues to heat up in the crypto sector. One of the most recent moves to ensure that the funds secure an approval from the United States Securities and Exchange Commission (SEC) is being carried out by Grayscale, a leading asset management firm.
Grayscale has officially reignited a frenzy in the investment landscape after filing an updated amendment for its proposed XRP Spot ETF. John Squire, a crypto influencer and investor, reported that bold move, which suggests that it is actively improving its regulatory strategy. Squire added that “the walls are closing in, and mainstream adoption is inevitable” for the altcoin.
Despite the heightened industry scrutiny around the SEC’s cryptocurrency-related judgments, the amended proposal indicates corporations are making a strong effort toward the fund. It is worth noting that the US SEC is expected to pass its decision regarding the fund within this month.
While an approval from the regulatory body is certainly not assured yet, the move to file for an amendment underscores Grayscales’ conviction that the spot ETF launch is not a question of if, but rather when.
The submission states that the trust’s goal is to provide investors with exposure to XRP through shares that follow the market value of the digital asset. According to the filing, the trust is set up in accordance with Delaware law and, subject to regulatory permission, intends to list on NYSE Arca under the symbol GXRP.
In connection with the formation and redemption of Baskets, the Trust is now allowed to accept Cash Orders (as defined above), under which an Authorized Participant will deposit cash into or accept cash from the Cash Account. Furthermore, XRP will be obtained or received in exchange for cash in connection with such an order by a third party (a Liquidity Provider) that is not an agent of or working in any other capacity on behalf of such an Authorized Participant.
A Game-Changing Initiative For The Altcoin
Currently, the idea of an XRP Spot ETF is sending shockwaves throughout the community. Several crypto enthusiasts now believe that the US SEC will grant approval to the anticipated fund by this month, a move that will change the course of the token.
According to Ripple Bull Winkle, the XRP Spot ETF is going live 100% on November 13. “The wait is over, the floodgates are opening,” the expert added. Ripple Bull Winkle highlighted that institutional capital is about to pour into the altcoin in an unprecedented manner, which is what the market has been waiting for.
Featured image from Getty Images, chart from Tradingview.com
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