XRP ETF隨著CBOE Exchange文件的19b-4應用

根據CBOE提交的文件，每個申請都強調了SPOT XRP ETF批准的關鍵論點，指出了2023年7月實現的部分法院勝利波紋實驗室。

Major crypto asset XRP (XRP) could be set to join Bitcoin (BTC) and Ethereum (ETH) in having an exchange-traded fund (ETF) listed in the United States, following applications filed on Thursday with the US Securities and Exchange Commission (SEC).

主要加密資產XRP（XRP）可以設置為加入比特幣（BTC）和以太坊（ETH），在周四向美國證券交易委員會提交的申請後，在美國列出了交易所交易基金（ETF）（ETF ）（ETF）（ETF）（ETF）（ETF）（ETF）（ETF）（ETF）（ETF）（ETF）（ETF）（ETF）（ETF）秒）。

The Chicago-based Cboe Exchange filed four separate 19b-4 applications with the regulator, seeking approval for spot XRP ETFs proposed by WisdomTree, Bitwise, 21Shares, and Canary. These submissions mark the latest step in the regulatory process—following initial S-1 filings—and, if successful, could position XRP as the next major crypto asset to gain ETF status in the United States.

總部位於芝加哥的CBOE Exchange向監管機構提交了四個獨立的19B-4應用程序，尋求批准WisdomTree，Bitwise，21shares和Canary提出的SPOT XRP ETF。這些提交標誌著監管過程中的最新一步（遵循最初的S-1歸檔），如果成功的話，可以將XRP定位為在美國獲得ETF地位的下一個主要加密資產。

According to documents submitted by Cboe, each application underscores key arguments for spot XRP ETF approval, referencing the partial court victory Ripple Labs achieved in July 2023. That ruling found that programmatic sales to retail investors did not constitute investment contracts under federal law—a point of contention now under appeal. The Cboe filings explicitly state the exchange “believes it is applying proper legal standards in making a good faith determination that XRP is not under these circumstances a security under federal law.”

根據CBOE提交的文件，每個申請都強調了SPOT XRP ETF批准的關鍵論點，參考了2023年7月在2023年7月實現的部分法院勝利瑞普爾實驗室。該裁決發現，零售投資者對零售投資者的計劃銷售並不構成聯邦法律下的投資合同- 重點現在有上訴的爭論。 CBOE申請明確指出，交易所“認為它正在採用適當的法律標準，以真誠地確定XRP在這種情況下不是根據聯邦法律的擔保。”

These applications coincide with recent optimism around crypto-focused investment products, despite broader market headwinds. XRP, the fourth-largest digital asset by market capitalization, has seen its price slide by approximately 33%, following a surge near its all-time high of just under $3.40 in late January.

儘管市場逆風，但這些應用與最近以加密投資的投資產品的樂觀態度相吻合。 XRP是市值的第四大數字資產，其價格下跌約33％，此前1月下旬的歷史最低點高達3.40美元之後，其價格下跌。

The formal 19b-4 submissions to the SEC are critical because they request permission for listing and trading on Cboe BZX Exchange. Once published in the Federal Register, the regulator typically has an initial 45-day window to either approve, deny, or extend the review of each proposed rule change.

正式的19b-4提交給SEC至關重要，因為他們要求在CBOE BZX Exchange上列出和交易的許可。一旦在聯邦公報上發布，監管機構通常會有一個最初的45天窗口，可以批准，拒絕或擴展對每個擬議規則更改的審查。

However, as Fox Business correspondent Eleanor Terrett recently observed, the SEC can make use of extensions—up to a total of 240 days—before reaching a final decision. In her remarks on the process, Terrett cautioned that “the submission of these forms does not guarantee approval,” highlighting that the regulatory scrutiny remains substantial.

但是，正如Fox業務通訊員埃莉諾·特雷特（Eleanor Terrett）最近觀察到的那樣，在做出最終決定之前，SEC可以利用擴展名（總計240天）。特雷特在關於這一過程的評論中警告說，“這些表格的提交不能保證批准”，強調了監管審查仍然很重要。

Many analysts point to the SEC’s ongoing appeal against Ripple Labs in the Second Circuit Court, through which the agency aims to reverse the July ruling that distinguished XRP’s programmatic sales from traditional securities offerings.

許多分析師指出，SEC在第二巡迴法院對Ripple Labs的持續上訴，該機構旨在扭轉7月份的裁決，該裁決將XRP的程序化銷售與傳統證券產品區分開來。

Ripple CEO Brad Garlinghouse appeared to reference the 19b-4 filings in a recent tweet, posting a alarm clock emoji on X: 19b-4 filings have started the countdown to a final ruling. While he did not elaborate further, his acknowledgment resonated with XRP supporters who see these ETF applications as a potential catalyst for mainstream adoption.

Ripple首席執行官布拉德·加林豪斯（Brad Garlinghouse）似乎在最近的一條推文中引用了19b-4的文件，在X：19b-4的文件上發布了鬧鐘錶情符號，開始了倒計時以進行最終裁決。儘管他沒有進一步詳細說明，但他的認可引起了XRP支持者的共鳴，他們將這些ETF應用視為主流採用的潛在催化劑。

Unlike Bitcoin and Ethereum, which secured ETF approvals partly on the basis of established futures markets (primarily the CME), XRP lacks a corresponding CME futures product. This absence is widely viewed as an additional hurdle to regulatory approval. As a result, asset managers are proposing various protective measures to address past SEC concerns around market integrity and investor protections.

與比特幣和以太坊不同，在既定的期貨市場（主要是CME）的基礎上獲得了ETF的部分批准，XRP缺乏相應的CME期貨產品。這種缺席被廣泛認為是監管批准的額外障礙。結果，資產經理正在提出各種保護措施，以解決過去SEC圍繞市場誠信和投資者保護的問題。

For instance, instead of tapping Ripple Labs directly, issuers plan to obtain the token through multiple secondary venues. Moreover, the proposals outline real-time oversight mechanisms to detect and deter manipulative trading. Also, XRP holdings would be kept with licensed custodians, typically under cold storage protocols to reduce counterparty risk. Fourth, there will be built-in mechanisms to halt intraday trading during periods of extreme volatility, a feature that aims to protect retail investors in particular.

例如，發行人計劃通過多個次要場所獲得令牌。此外，這些建議概述了實時監督機制，以檢測和阻止操縱交易。此外，XRP持有量將與有執照的託管人一起保存，通常是在冷藏方案下，以降低對手風險。第四，將有內置機制在極端波動期間停止盤中交易，該功能旨在特別保護零售投資者。

These commitments mimic strategies used in other crypto ETF filings, such as recent proposals for Solana ETFs—another effort from Cboe that was re-submitted following regulatory feedback last year.

這些承諾模仿了其他Crypto ETF申請中使用的策略，例如有關Solana ETF的最新建議，這是CBOE的另一個努力，該提案是在去年監管反饋後重新提交的。

At press time, XRP trades at $2.51, down 3.16% over the past 24 hours.

發稿時，XRP的交易價格為2.51美元，在過去24小時內下跌3.16％。