21Shares, the Swiss-based asset manager, has applied to the Securities and Exchange Commission (SEC) to launch a spot XRP ETF.
Swiss asset manager 21Shares has filed an application with the Securities and Exchange Commission (SEC) to launch a spot XRP exchange-traded fund (ETF). The news was shared by Ripple CEO Brad Garlinghouse, who highlighted the rising institutional interest in XRP ETFs.
21Shares filed a Form S-1 filing with the SEC on November 1, seeking approval to list its Core XRP Trust shares on the Cboe BZX Exchange. The filing aims to allow investors to access the XRP market indirectly. Coinbase Custody Trust Company will be the custodian for the XRP holdings.
Other asset managers, such as Bitwise and Canary Capital, have also submitted XRP ETF filings. Bitwise was the first to file an XRP ETF application. On October 2, Bitwise registered a trust entity, following which the firm filed an updated S-1 registration statement for the ETF. The Australia-based Canary Capital applied for the product just a week after Bitwise's move.
Moreover, investment firm Grayscale has launched an XRP Trust and filed to convert its multi-asset fund, which includes XRP, into an ETF. With 21Shares joining the fray, the XRP community awaits the regulator’s approval to launch the ETF.
Garlinghouse celebrated XRP's growing acceptance on X, stating, “The message from the market is clear – institutional interest in XRP products is stronger than ever.” He highlighted the recent XRP ETF applications.
Furthermore, Garlinghouse criticized the SEC's crypto regulation efforts, pointing out the agency's losses in court cases related to digital assets. Federal judges have made significant decisions, exempting XRP and Binance Coin's secondary sales from being classified as securities. The Ripple CEO said, “Their continued disregard for the court’s authority will further erode the SEC’s credibility and reputation.”
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