NYSE Arca Submits 19b-4 Filing for Grayscale XRP Trust to Convert to Spot ETF

The New York Stock Exchange Arca has submitted a 19b-4 filing seeking to convert Grayscale's XRP Trust into a spot ETF, with the trust fund's assets under management totaling approximately $16.1 million. The issuer exchange's submission of the 19b-4 filing is the second step in a two-step process to apply for a spot cryptocurrency ETF with the U.S. Securities and Exchange Commission. The exchange needs to submit a 19b-4 filing to the SEC to request modifications to existing rules to allow for trading of the ETF. This is a critical part of the ETF approval process, and once approved by the SEC, the filing will be published in the Federal Register, initiating the approval process.