Grayscale’s XRP ETF Review Begins as SEC Sets October 18 Decision Deadline  

• Grayscale initiated the 240-day review period at the SEC by submitting its XRP ETF proposal which they expect to receive a decision on or before October 18.
• During its review, the SEC requires 21 days for public feedback to evaluate both the compliance and possible market movement of the ETF.
• The regulatory environment for XRP alongside other cryptocurrencies could face potential changes because of recent political advancements. 

XRP exchange-traded fund (ETF) proposal from Grayscale Investments started its 240-day SEC evaluation period after its Federal Register listing. The SEC officially accepted the February 14 filing which establishes October 18 as the final day for the agency to deliver either approval or denial or extended evaluation.

During its review process, the SEC opens a 21-day public comment period to gather feedback from all stakeholders concerning ETF feasibility from policymakers and industry professionals. The assessment done by the agency comprises an examination of the investment vehicle to ensure it meets financial regulations and market standards and protects investors from potential manipulations.

To date, Grayscale stands as the only company to submit its XRP ETF application to the Federal Register among 21Shares, Canary Capital, Bitwise, CoinShares, and WisdomTree.

The XRP community remains optimistic because the SEC has displayed a more positive attitude toward cryptocurrency issues in recent times. The regulatory environment for cryptocurrencies appears optimistic because interim chair Mark Uyeda shares a pro-crypto stance and President Donald Trump now leads the administration.

The SEC currently focuses on pending court cases according to FOX News correspondent Eleanor Terret who obtained information from Capitol Hill. Ripple must appear in court on April 16 while Kraken will stand before the judge on March 31.

Law experts anticipate future developments at the Securities and Exchange Commission to result in the dismissal of the Ripple court case. In December 2018 President Trump named Paul Atkins to fill the vacant position of SEC commissioner who plans to help the administration deliver regulatory guidelines for digital currencies.

Atkins stands ready to bring new methods of regulatory control to the crypto space if he gains Senate approval because it could reshape how the SEC handles its approaches. Senator Cynthia Lummis directs the Congress’s initial Crypto Subcommittee to examine if the SEC has passed its authority through lawsuits targeting Ripple.

President Trump executed an official order on February 18 that positions every executive business division under presidential leadership including the SEC. Under this order, the government maintains responsibility to its citizens while the President holds the authority to execute laws correctly.