Grayscale Establishes XRP Investment Trust Fund

XRP asset management company announces the launch of the XRP Investment Trust fund after closing in 2021 due to lawsuits with the SEC.

Grayscale Establishes Xrp Investment Trust Fund

Grayscale, the leading asset management company, has just announced the launch of its XRP Trust, a closed-end fund providing investors with access to Ripple’s XRP. This trust will operate similarly to Grayscale’s other single-asset funds.

Grayscale launches XRP Trust.
Grayscale launches XRP Trust.

Over the past two months, Grayscale has continuously expanded its portfolio with new funds for MakerDAO, Bittensor, SUI, and several other tokens. This marks a strategic shift from its focus on Bitcoin and Ethereum, both of which have recently been upgraded to ETFs.

Related: Grayscale Establishes Decentralized AI Fund LLC

Grayscale previously had a similar XRP fund, but it was shut down in 2021 due to the lawsuit between the SEC and Ripple Labs. The SEC accused Ripple of selling XRP as an unregistered security and unlawfully gaining $1.3 billion. In August 2023, the court issued a ruling, fining Ripple $125 million, temporarily resolving the legal dispute that had been ongoing since 2020.

Grayscale believes XRP has the potential to revolutionize the financial system, particularly in international payments due to its fast processing speeds. The launch of this new fund could pave the way for an XRP ETF in the future.

However, Nate Geraci, President of ETF Store, cautions that the approval process for an XRP ETF could face significant challenges and will likely require political support. Additionally, the ongoing legal battle between Ripple and the SEC adds further complexity to the process.

Nate Geraci, President of ETF Store said
Nate Geraci, President of ETF Store said

Under the leadership of Chair Gary Gensler, the SEC may not approve any other cryptocurrency ETFs beyond Bitcoin and Ethereum. However, there is still hope if new regulations are introduced that clearly define most digital assets as not being securities.

Love

0.0/5

Love

Latest

Trump Publicly Criticizes Elon Musk, Calls For Investigation Into His Companies

Policy & Regulations | Editor Choice

Trump Publicly Criticizes Elon Musk, Calls for Investigation into His Companies

President Donald Trump unexpectedly publicly criticized billionaire Elon Musk and called for an investigation into Musk's companies by DOGE.

Bitcoin Faces Risk Of Deeper Decline After Losing Key Support Levels

News | Bitcoin | Editor Choice

Bitcoin Faces Risk of Deeper Decline After Losing Key Support Levels

Bitcoin’s drop below key support levels has raised concerns about a potential return to the psychological $100,000 mark, amid weakening buying momentum and increasing profit-taking pressure.

Robinhood Launches Layer 2 Blockchain In Partnership With Arbitrum

News | Editor Choice | Policy & Regulations

Robinhood Launches Layer-2 Blockchain in Partnership with Arbitrum

Robinhood is doubling down on its crypto ambitions with the launch of its own Layer-2 blockchain, developed in collaboration with Arbitrum—a major step forward in supporting tokenized stock trading.

U.s. Department Of Justice Charges Four North Koreans In Nearly $1 Million Crypto Hack

News | Editor Choice | Policy & Regulations

U.S. Department of Justice Charges Four North Koreans in Nearly $1 Million Crypto Hack

The U.S. Department of Justice has indicted four North Korean nationals for allegedly posing as remote IT workers to infiltrate blockchain companies and steal nearly $1 million in cryptocurrency.

Could Eth Double To $5,000

News | Altcoin | Editor Choice

Could ETH Double to $5,000?

Ether (ETH) is facing a potential breakout to $5,000 driven by the “Power of 3” trading pattern, but selling pressure from whales and key technical resistance could hinder this bullish momentum.