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XRP ETF

XRP ETF Moves Closer To Reality As 21Shares Files S-1 With SEC

Ronaldo Marquez
by Ronaldo Marquez
11 months ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On Friday, crypto asset manager 21Shares filed an S-1 registration form for a spot XRP ETF with the US Securities and Exchange Commission (SEC) to establish the 21Shares Core XRP Trust.

This filing follows similar applications from other firms, including Canary Capital and Bitwise in the past months, as interest in crypto ETFs surges, particularly in the wake of successful approvals for Bitcoin and Ethereum ETFs earlier this year.

21Shares Files For XRP ETF Amid Strong Demand 

The filing indicates a strong demand for alternative crypto investments, particularly as Bitcoin and Ethereum ETFs have gained traction among investors. However, the path to approval for the XRP ETF is fraught with uncertainty. 

Related Reading: CZ Breaks Silence: Binance Former CEO Returns After 4 Months Behind Bars

The SEC has been scrutinizing the crypto space more closely, particularly concerning its ongoing legal battle with Ripple Labs, which has significant implications for the classification of XRP. 

The SEC has argued that XRP should be considered a security under the Howey Test, a legal framework used to determine whether certain transactions qualify as investment contracts.

This regulatory ambiguity poses considerable challenges for the approval of the three XRP ETF applications by the asset managers currently under review. 

Trump And Harris Signal Potential Regulatory Reforms

While there is optimism among some industry leaders, including Ripple Labs CEO Brad Garlinghouse, who had recently stated that the launch of an XRP ETF in the US is “inevitable,” it remains to be seen how the SEC will respond to these new applications.

Related Reading: $100,000 Shiba Inu Burn Triggers Epic 252,910% Surge, Why Investors Should Beware

Adding another layer of complexity is the upcoming US presidential election. Both candidates, Donald Trump and Kamala Harris, have signaled intentions to reform the current regulatory stance on cryptocurrencies, which could lead to greater clarity and potentially more favorable conditions for crypto assets moving forward. 

Such changes, if in fact completed, could pave the way not only for the approval of the new XRP ETF applications but also for other recently filed forms, including those for Solana and Litecoin.

XRP ETF
The daily chart shows XRP’s price trending upwards. Source: XRPUSDT on TradingView.com

At the time of writing, XRP was trading at $0.52, up more than 2% following the announcement of the new filing.

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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