On 11 March 2025, the United States Securities and Exchange Commission (US SEC) published a notice designating a longer period for US SEC action on a proposed rule change submitted by NYSE Arca, Inc. (NYSE Arca), US SEC has extended the deadline to 21 May 2025. The proposal seeks to list and trade shares of the Grayscale XRP Trust under NYSE Arca Rule 8.201-E, which governs Commodity-Based Trust Shares. The proposed rule change, originally filed on 30 January 2025, was later amended by Amendment No. 1, filed on 10 February 2025, and subsequently published for public comment on 20 February 2025.
The proposed rule change would allow NYSE Arca to list and trade shares of the Grayscale XRP Trust, providing investors with indirect exposure to XRP, the native token of the XRP Ledger. The Grayscale XRP Trust is structured as a commodity-based trust, and if approved, would be among a growing class of exchange-traded products offering digital asset exposure in a regulated market framework. The application follows similar proposals for crypto-based exchange-traded products, submitted by NYSE Arca under Rule 8.201-E, which permits the listing of trust shares backed by physical commodities, including digital assets, subject to US SEC approval.
As per Section 19(b)(2) of the United States Securities Exchange Act of 1934, US SEC is required to take action on a proposed rule change within 45 days of publication in the Federal Register unless a longer period is deemed appropriate. In this case, the original 45-day period would have ended on 6 April 2025. However, US SEC has extended the deadline to 21 May 2025, citing the need for sufficient time to consider the proposal and the issues raised.
(Source: https://www.sec.gov/files/rules/sro/nysearca/2025/34-102584.pdf)
