SEC Reviews Grayscale and Bitwise XRP Funds, Public Comments Due by August 22

Key Points

1. The SEC is reviewing Grayscale GDLC and Bitwise BITW funds, each holding approximately 6% XRP, with public comments open until August 22.

2. Grayscale challenges the SEC's stay, citing a missed 240-day statutory deadline under the Exchange Act, which they argue should result in automatic approval.

3. Bitwise's fund, with 5.9% XRP, is also under review, and its initial approval is similarly stayed by the SEC.

4. Approval of these funds could mark the first XRP-based exchange-traded products available in the U.S. market.

5. The SEC's review aims to ensure compliance with securities regulations before allowing public trading of these funds.