In separate Federal Register notices, the agency asked for public input on Grayscale’s Digital Large Cap (GDLC) Fund and Bitwise’s 10 Crypto Index Fund, both of which include XRP in their holdings. Feedback is due by August 22, after which the Commission could decide whether to let the products move forward.
The GDLC Fund, which allocates just under 6% to XRP alongside BTC, ETH, SOL, and ADA, was signed off by the SEC’s Trading and Markets Division on July 1. That approval was immediately frozen by the Commission itself, prompting Grayscale to argue that under Section 19b of the Exchange Act, the fund should have been automatically approved once the 240-day decision window passed.
Bitwise’s BITW fund, holding around 5.9% in XRP along with nine other major cryptocurrencies, faces the same procedural snag. It too received initial approval from the Trading Division, only for the Commission to pause the process pending a formal review.
Bloomberg’s James Seyffart expects a clearer regulatory direction before the end of the month, while fellow analyst Eric Balchunas has suggested the SEC could greenlight XRP-specific spot ETFs as soon as September or October.
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