Grayscale’s proposed XRP ETF has officially entered the U.S. Securities and Exchange Commission review process, putting the product on a formal regulatory timeline that the market will now watch closely.
The proposal was published in the Federal Register on Feb. 20, 2025, which starts the SEC’s review clock under the 19b-4 process. From that point, the agency must either approve, reject, or extend its review of the filing. Based on the SEC’s timetable, the latest possible deadline for a final decision is Oct. 18, 2025.
The 19b-4 review timeline is now in motion
Under the standard process for exchange rule-change filings, the SEC first gets 45 days to act or extend the review. It can then push the window to 90 days, followed by additional extension periods of 45 days and 60 days. In practice, that means XRP ETF watchers may need to wait months before a final ruling, as the SEC has historically used most or all of the available time before making a decision.
The filing was submitted by NYSE Arca, which seeks to list and trade shares of the Grayscale XRP Trust under Rule 8.201-E, the framework for commodity-based trust shares. That structure places the proposal within a regulatory model already familiar to ETF markets.
A shifting regulatory backdrop
The application is arriving at a time when the SEC’s posture toward digital assets appears to be evolving. After approving spot bitcoin ETFs and spot ether ETFs, the agency has already opened the door to broader crypto investment products. The report also notes that, under new leadership following Gary Gensler’s departure, the SEC has paused or dropped several lawsuits involving crypto firms, fueling market speculation that the climate for XRP-related products may now be more favorable.
The SEC will next collect public comments, assess market impact, and review whether the proposal meets regulatory requirements. If approved, the product would allow investors to gain XRP exposure through shares traded on a regulated exchange, potentially improving liquidity, accessibility, and mainstream market access. Because the decision could shape the path for future crypto ETF filings, the case is being closely watched across the digital asset industry.