Canary Capital Group’s application for an XRP ETF has appeared on the Depository Trust & Clearing Corporation (DTCC) website, marking an important event in the digital asset market.
Importance of DTCC Listing
DTCC plays a critical role in managing financial transactions in the U.S., including the registration and settlement of securities. Having an ETF application listed with DTCC indicates that preliminary steps toward a possible ETF launch are underway. However, this does not imply approval from the U.S. Securities and Exchange Commission (SEC).
High Expectations for XRP ETF
Franklin Templeton has made a notable ETF application for XRP, with its review date recently extended to November 14. This delay suggests that the process is nearing its final decision phase. It is important to note that the SEC's past experiences in evaluating ETF applications will likely result in careful scrutiny of the XRP ETF application as well.
“The SEC’s decision could come at any moment now,” noted Bill Morgan, an influential voice within the XRP sphere, indicating the conclusion of the evaluation period is near for XRP and other altcoin ETFs.
Conclusion
At present, it is crucial to understand that DTCC listing signals preliminary steps, not assurance of approval. The SEC’s decision process is key to actualizing the ETF, and extensive assessment of the XRP application is expected. Market stakeholders eagerly await the outcome, which could set a precedent for future crypto-related ETF approvals.
The market eagerly anticipates the SEC's decision on the XRP ETF application, which could significantly impact the future of digital assets.
