Grayscale, a crypto investment manager from the United States, has proposed launching an XRP Exchange-Traded Fund (ETF) but says that it will need more time before deciding.
The leading ETF New York Stock Exchange Arca (NYSE) filed with the Securities and Exchange Commission a proposal to change the rules for listing and trading shares of Grayscale XRP Trust. This trust will follow the price of the 4th largest cryptocurrency in terms of market capitalization.
SEC was supposed to make a decision on this application by April 6, or 45 days following the date of publication on 20th February. However, the regulator has now extended the period for evaluating the application.
The Commission deems it necessary to extend the time period for taking action in relation to the proposed rule changes, as amended by Amendment No. It will have enough time to examine the proposed rule changes and issues that are raised by them .”
The SEC is required to issue a decision within 45 calendar days after acknowledging the submission. However, the SEC can extend the time period up to 90 calendar days in the event that it determines additional time for review will be necessary.
Accordingly, in accordance with Section 19(b),(2) of the Act the Commission designates that by May 21, 2025 it will either accept or reject the rule change proposal, as amended by Amendment No. 1.”
Subscribe for email alerts to avoid missing a beat
___________________
Please follow us at X@InvCryptoDaily
___________________
Images Can Be Found on Pixabay Creative Commons & Midjourney
The post SEC Defers Grayscale XRP Application Decision on Approval or Disapproval to May could be updated as new information becomes available.
