The NYSE Arca submitted a 19b-4 filing for the conversion of Grayscale's XRP Trust into a spot ETF

ChainCatcher news, the New York Stock Exchange Arca has submitted a 19b-4 filing, seeking to convert Grayscale's XRP Trust into a spot ETF, with the trust fund's assets under management approximately $16.1 million.

The 19b-4 filing submitted by the issuer exchange is the second part of the two-step process for applying for a spot crypto ETF to the U.S. Securities and Exchange Commission. The exchange submits the 19b-4 filing to the SEC to request modifications to existing rules to allow the ETF to trade. This is a critical part of the ETF approval process, and once approved by the SEC, the filing will be published in the Federal Register, initiating the approval process.