NYSE Arca submits a 19b-4 filing to convert Grayscale XRP Trust into a spot ETF

The New York Stock Exchange Arca has filed a 19b-4 document, seeking to convert Grayscale's XRP Trust into a spot ETF, with the trust fund managing approximately $16.1 million in assets. The filing of the 19b-4 document by the issuer exchange is the second part of a two-step process for applying for a spot crypto ETF with the U.S. Securities and Exchange Commission (SEC), where exchanges need to submit a 19b-4 document to apply for modifications to existing rules that allow such an ETF trade. This is a crucial part of the ETF approval process; once approved by SEC, this document will be published in Federal Register, initiating approval procedures.