XRP ETF Proposal Advances to Review

SEC Reviews Grayscale’s Proposal for XRP Trust Listing

• The SEC has published details of NYSE Arca’s proposal to list shares of the Grayscale XRP Trust.
• The trust aims to convert into a $16.1 million exchange-traded product.
• Coinbase Custody Trust Company will act as custodian, with BNY Mellon handling administrative duties.
• XRP prices will be sourced from U.S.-compliant platforms, covering over 97% of U.S. dollar-XRP trading volume as of September 2024.
• The proposal includes safeguards against market manipulation and addresses regulatory concerns around digital assets.

The SEC’s acknowledgment of the Grayscale XRP Trust proposal marks a significant step in potentially expanding institutional access to XRP, with the trust valued at $16.1 million and designed to mitigate manipulation risks through regulated trading platforms.