Grayscale’s XRP ETF Filing Lands in the Federal Register

Highlights:

• Grayscale’s XRP ETF 19b-4 filing has been moved to the Federal Register.
• The ETF application is awaiting the SEC’s final verdict, which will happen on or before October 18.
• Market participants speculated that the SEC will approve the XRP ETF earlier than envisaged.

According to the renowned Fox Business journalist Eleanor Terrett, Grayscale’s XRP Exchange Traded Fund (ETF) 19b-4 application has officially been posted in the Federal Register. The new development comes a few days after the United States Securities and Exchange Commission (SEC) acknowledged Grayscale’s XRP 19b-4 ETF filing.

Reported on February 14, Crypto2Community revealed, based on a February 13 SEC filing, that the acknowledgment of Grayscale’s XRP ETF application happened on the same day as that of Dogecoin’s (DOGE). Contrary to most ETF applications that require about a 21-day window for public opinions after the SEC’s acknowledgment, Grayscale’s XRP ETF has made huge progress with its advancement into the Federal Register in record time.

Implications of Transferring Grayscale’s XRP ETF Filing to the Federal Register

In the bureaucratic procedures that would eventually lead to a potential spot ETF approval by the SEC, moving 19b-4 applications to the Federal Register implies that the process has edged closer to the final stage. According to Terrett, it signifies that the clock has already started counting for the SEC to engage with the filing.

How the SEC perceives the filing would eventually result in either approving or rejecting the XRP ETF application from Grayscale. Hence, while the filing with the Federal Register might seem a significant achievement, it is never a guarantee that the SEC must approve the ETF.

Moreover, after moving an application to the Federal Register, the regulatory watchdog has 240 days to decide whether to approve or reject the proposal. In her tweet, Terrett estimated that the SEC’s verdict will emerge on or before October 18.

🚨NEW: @Grayscale’s $XRP ETF (19b-4 filing) has officially been posted to the Federal Register.

All this means is that the clock starts now for the @SECGov to engage and either approve or deny on or before October 18. pic.twitter.com/dhMSvOcSXF

— Eleanor Terrett (@EleanorTerrett) February 20, 2025

Approval will Likely Happen Earlier than the Deadline

As expected, Terett’s post attracted considerable attention from market participants. Many asserted that the October 18 deadline seems very far, considering the significant changes in the SEC’s leadership. Among the several comments under Terett’s X post, a comment queried if the 240-day timeline will be exhausted before the SEC’s final decision.

In response, another user explained that things are much more different with Mark Uyeda as the current acting SEC chairman. His reply read, “It’s within 240 days. So, they could approve tomorrow as well as in October. Gensler should have used the 240 days – the new team maybe don’t need the full time for that.”

Race for the First Approved ETF in 2025 Intensifies

Since this year began, several cryptocurrency ETFs have gained significant traction, which resulted in the SEC acknowledging most of them. Aside from XRP, other digital assets ETFs that have generated market waves include Litecoin (LTC), Solana (SOL), and Dogecoin (DOGE). Among these cryptocurrencies, most market experts have predicted that Litecoin’s approval will happen first.

In a recent tweet, renowned ETF analyst Eric Balchunas said that approval for LTC ETF stands at a 90% chance. His statement was in response to Litecoin’s new listing on the Depository Trust and Clearing Corporation (DTCC) system under the market ticker LTCC. In his tweet, the ETF analyst clarified that the listing does not equate to the approval by the SEC. However, it signifies that the issuer anticipated a Litecoin ETF endorsement from the regulatory body soon.

Doesnt mean it’s approved or ready to start trading, but it does show the issuer is making preparations for when it is. We still at 90% odds. $LTCC https://t.co/ugQgsO9fIB

— Eric Balchunas (@EricBalchunas) February 21, 2025