According to online reports, Arca on the New York Stock Exchange filed a 19b-4 filing, seeking to convert Gray's XRP trust into a spot ETF. The trust fund has an asset management size of approximately US$16.1 million. The filing of the 19b-4 document by the issuer's exchange is the second part of the two-step process of filing a spot crypto ETF application with the U.S. Securities and Exchange Commission. The exchange needs to file a 19b-4 document with the SEC requesting changes to existing rules to allow the ETF to trade. This is a key part of the ETF approval process, and once approved by the SEC, the document will be published in the Federal Register to initiate the approval process.