Ah, MEMX, that quaint little securities exchange in the grand theater of American finance, has approached the esteemed Securities and Exchange Commission, cap in hand, seeking permission to list an XRP (XRP) exchange-traded fund (ETF) as a “Commodity-Based Trust.” How charming! One can almost hear the rustle of regulatory papers in the wind.
This filing, dear reader, is but the latest act in the ongoing drama of US exchanges attempting to list ETFs that contain spot XRP, the beloved native token of Ripple’s XRP Ledger blockchain network. It’s like watching a group of children trying to convince their parents to let them have ice cream for dinner. 🍦
And what a time it is! The SEC, that ever-watchful guardian of financial propriety, seems to be changing its tune as the illustrious Donald Trump embarks on his second term. Remember 2020? The SEC was busy suing Ripple, claiming the blockchain developer had issued unregistered securities when launching the XRP token. Oh, the irony! 🎭
But lo and behold, a US judge, in a moment of clarity, ruled in August that the XRP token is not inherently a security. It may, however, qualify as one under certain circumstances—much like how one might qualify for a discount at a fancy restaurant if they wear a bow tie. 🎩
Should XRP be listed as a commodity trust, it would join the ranks of spot Bitcoin (BTC) and Ether (ETH) ETFs, which, like fashionable hats, made their debut in the US last year. How delightful!
In a twist of fate, 21Shares filed to list its Core XRP Trust ETF in November, just days before our crypto-friendly Trump triumphed in the elections on Nov. 5. He has promised to make America “the world’s crypto capital.” One can only hope he doesn’t confuse it with a theme park. 🎢
On Feb. 6, another US securities exchange, Cboe BZX, sought permission to list four spot XRP ETFs, including the illustrious 21Shares Core XRP Trust. The SEC, in a moment of acknowledgment, responded to this application on Feb. 14. How generous of them!
Flurry of filings
In a veritable flurry of filings, issuers have submitted requests to list upwards of a dozen cryptocurrency ETFs, all in anticipation of what industry executives expect to be a more accommodating stance from the Trump administration. It’s like waiting for a bus that may or may not arrive. 🚌
Among these filings are ETFs holding memecoins, such as Dogecoin (DOGE), Official Trump (TRUMP), and Bonk (BONK). Yes, you read that right—Bonk! It’s as if the financial world has decided to throw a party and invited all the quirky guests. 🎉
Additionally, issuers are keen to list ETFs for alternative cryptocurrencies, or “altcoins,” such as Solana (SOL) and Litecoin (LTC). Meanwhile, existing crypto ETFs—those holding spot BTC and ETH—are now seeking to add new features like staking and in-kind redemptions. It’s like upgrading from a bicycle to a shiny new car! 🚗
Issuers are also eagerly awaiting approval for several planned crypto index ETFs designed to hold diverse baskets of digital tokens. On Feb. 14, the first spot crypto index fund, Hashdex Nasdaq Crypto Index US ETF, began trading on Nasdaq. A round of applause, please! 👏
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2025-02-17 20:25