The Federal Register officially published Grayscale’s XRP exchange-traded fund (ETF) proposal on Feb. 20, 2025, marking the beginning of the U.S. Securities and Exchange Commission’s (SEC) review process. Fox Business journalist Eleanor Terrett highlighted the significance of this step on social media platform X, stating:

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 SEC to engage and either approve or deny on or before October 18.

The SEC follows a structured timeline when reviewing ETF proposals under the 19b-4 process. Initially, the agency has 45 days from publication to make a decision or extend the review. If an extension is granted, the SEC can push the deadline to 90 days. The commission can further extend the timeline, with additional review periods of 45 and 60 days, bringing the latest possible deadline to Oct. 18, 2025. During this time, the SEC will solicit public comments, analyze market impact, and assess compliance with regulatory requirements. Approval could come at any stage, but historically, the SEC has taken the full timeline before issuing a final decision.

The filing, submitted by NYSE Arca, seeks to list and trade shares of the Grayscale XRP Trust under Rule 8.201-E, which governs commodity-based trust shares.

The securities regulator has already approved spot bitcoin ETFs and spot ether ETFs, paving the way for broader cryptocurrency investment products. The departure of former SEC Chair Gary Gensler has further altered the agency’s stance, with his successor taking a more crypto-friendly approach. Under the new leadership, the SEC has paused or dropped multiple lawsuits against crypto firms, fueling speculation that Ripple’s ongoing legal battle could be the next case to be dismissed. This change in regulatory climate has increased optimism that the XRP ETF may have a smoother path to approval compared to earlier crypto ETF applications.

With the publication in the Federal Register, the SEC will now open a public comment period before making a final decision on the Grayscale XRP ETF. If approved, the fund would allow investors to trade the XRP ETF shares on a regulated exchange, potentially increasing market liquidity and accessibility for XRP. The crypto community is closely watching, as the SEC’s ruling could influence future cryptocurrency ETFs and broader digital asset adoption.

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