🚨SO, for everyone asking what this means — the SEC has *acknowledged* @Grayscale/@NYSE’s 19b-4 application to convert its XRP Trust into an ETF. No, it doesn’t mean automatic approval and it doesn’t even guarantee the SEC will approve it down the line. So why is it notable? Because it means this SEC is being more open-minded and not flat out refusing to consider these products. Recall, exchanges pulled the SOL 19b-4 applications in December when the Gensler SEC signaled it would not engage with them. To be sure, there’s still a whole process to go through with all of these new crypto ETF filings (LTC, DOGE, SOL, XRP, etc) but this is a good first step as it means there’s at least a chance these products could launch in the future. Next up, the SEC should approve the XRP ETF applications from issuers that filed later than Grayscale — including @BitwiseInvest, @21Shares, @CanaryFunds, @WisdomTreeFunds. The 240-day window for Grayscale’s approval starts when it gets posted to the federal register which should be in a couple of days from now.