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NYSE Arca Moves Towards Listing Grayscale's XRP Trust, Signaling Potential Shift in SEC's Stance on Crypto

NYSE Arca's filing could pave the way for XRP's listing. Grayscale's expansion plans hint at a thawing regulatory environment for digital assets.

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In this picture, there is a cat which is in grey in color.

NYSE Arca Moves Towards Listing Grayscale's XRP Trust, Signaling Potential Shift in SEC's Stance on Crypto

NYSE Arca has taken a significant step towards listing and trading Grayscale's XRP Trust, filing a 19b-4 form with the SEC in January 2023. This move signals a potential shift in the regulatory body's stance on digital assets, despite ongoing legal uncertainties.

Grayscale, a leading digital asset manager, is exploring new avenues for its crypto investment products. It is working to convert several of its existing trusts into exchange-traded funds (ETFs), including those tied to XRP, Litecoin, and Solana. This conversion process could make these digital assets more accessible to a broader range of investors.

The SEC's acknowledgment of NYSE Arca's proposal does not guarantee approval for Grayscale's ETF proposals. However, it does indicate a more open-minded approach to crypto investment products. The SEC has begun a 45-day review period for the listing and trading of shares of the Grayscale XRP Trust. Approval of a 19b-4 filing is necessary but not sufficient for a spot ETF to begin trading; it must also obtain an effective S-1 registration statement.

In addition to its ETF conversions, Grayscale is also seeking regulatory approval to launch a new trust for Cardano. This would be its first investment product dedicated to the asset, further expanding its offerings in the digital asset space.

The SEC's review of NYSE Arca's proposal and Grayscale's expansion plans suggest a potential thaw in the regulatory environment for digital assets. While the outcome of these applications remains uncertain, these developments could pave the way for increased investment in and acceptance of crypto assets in the United States.

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