The SEC has accepted Grayscale's application to convert its XRP Trust into an ETF, and the review process has begun

ChainCatcher news, according to Fox Business reporter Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) has officially accepted the 19b-4 application submitted by Grayscale and NYSE, proposing to convert the Grayscale XRP Trust ($XRP Trust) into an exchange-traded fund (ETF). While this does not mean automatic approval, nor does it guarantee that the SEC will ultimately agree to the application, this development indicates a more open attitude from the SEC towards crypto ETFs, rather than a direct refusal to consider such products.

Previously, due to the SEC's firm stance, exchanges had withdrawn their Solana ($SOL) ETF applications. However, the SEC's acceptance of the XRP ETF application suggests that there is still a possibility for approval of crypto ETFs such as LTC, DOGE, SOL, and XRP. The SEC is expected to publish the application in the Federal Register within a few days, at which point the 240-day approval window will officially open. Additionally, the XRP ETF applications from institutions like Bitwise, 21Shares, Canary Funds, and WisdomTree are still awaiting SEC processing.