As an analyst with over two decades of experience in the financial markets, I’ve seen my fair share of regulatory hurdles and market trends. The recent filing by 21Shares for a spot XRP exchange-traded fund (ETF) is an interesting development, to say the least.
21Shares, an asset management firm, has submitted an application seeking SEC approval for a tradable XRP exchange-traded fund (ETF).
In my analyst’s perspective, I recently discovered that 21Shares has submitted a Form S-1 for its Core XRP Trust shares to be listed and traded on the Cboe BZX Exchange, as disclosed in a November 1 SEC filing. Contrary to direct exposure, this trust offers an opportunity for investors like myself to indirectly engage with the XRP market.
If the approval process is successful, the Coinbase Custody Trust Company will be responsible for safeguarding the XRP held within the investment vehicle. Notably, other asset management companies such as Bitwise have previously filed for XRP ETFs before 21Shares.
2024 saw the SEC’s approval for Bitcoin (BTC) and Ether (ETH) exchange-traded funds, yet they have yet to address applications for spot XRP from asset managers, given their ongoing lawsuit with Ripple Labs. The civil suit verdict, which is currently under appeal by both the SEC and Ripple, saw a federal judge decide that the XRP token, during programmatic sales on exchanges, was not classified as a security.
After the SEC approved spot Bitcoin ETFs in January, various asset management companies have been exploring options for investment products linked to diverse cryptocurrencies. Specifically, VanEck, 21Shares, and Canary Capital have submitted applications to list and trade shares of a spot Solana ETF, with Canary additionally proposing a Litecoin ETF in October.
As a researcher, I’m closely observing the potential changes in the regulatory landscape. The Securities and Exchange Commission (SEC), as we know, has the power to postpone decisions on ETF filings for extended periods, often spanning months. This prolonged delay could theoretically pass the baton to a new administrative team, should there be a shift in political power.
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2024-11-01 21:01