Ripple’s Chief Legal Officer Stuart Aldeloty welcomes the important developments of the Crypto ETF.
Ripple CLO has responded to a tweet from the National Cryptocurrency Association, with the Securities and Exchange Commission (SEC) approved a new rule that makes it easier for stock exchanges to list crypto ETFs.
Exchanges like Nasdaq and NYSE can now follow one standard set instead of submitting each ETF individually.
Aldeloty highlighted this as a critical development. According to Ripple Clo, the new listing standards will further guide crypto ETFs into the mainstream market, adding that regulatory clarity is not just a good policy. It builds American confidence.
This is following the launch of the first XRP spot ETF in the US, and the Grayscale Digital Large Cap Fund (GDLC) has also received approval from the SEC.
Starting a cryptographic ETF
Yesterday, digital asset manager Rex Osprey announced that XRPR and Doje, the first ETFs to offer exposure to US spot XRP and Dogecoin, have been launched.
XRPR traded $37.7 million on the first day, according to Bloomberg analyst Eric Balknas. The Rex XRP ETF reported an amount of $24 million within 90 minutes. This is five times more than any of the XRP futures that ETFs saw on the first day.
According to Balchunas, this increase in demand could be a good sign for the onslaught of 33 ACT ETFs coming soon.
In positive news, the SEC has approved a general listing standard that clarifies how the Spot Crypto ETF will be launched under the ’33 Act, as long as there are futures in Coinbase, which currently contains around 12-15 coins.
The Grayscale Digital Large Cap Fund (GDLC), a spot crypto basket containing XRP, is set to begin trading under the new ticker, the Grayscale Coindesk Crypto 5 ETF.
