XRP ETF随着CBOE Exchange文件的19b-4应用

根据CBOE提交的文件，每个申请都强调了SPOT XRP ETF批准的关键论点，指出了2023年7月实现的部分法院胜利波纹实验室。

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).

主要加密资产XRP（XRP）可以设置为加入比特币（BTC）和以太坊（ETH），在周四向美国证券交易委员会提交的申请后，在美国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.

总部位于芝加哥的CBOE Exchange向监管机构提交了四个独立的19B-4应用程序，寻求批准WisdomTree，Bitwise，21shares和Canary提出的SPOT XRP ETF。这些提交标志着监管过程中的最新一步（遵循最初的S-1归档），如果成功的话，可以将XRP定位为在美国获得ETF地位的下一个主要加密资产。

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.”

根据CBOE提交的文件，每个申请都强调了SPOT XRP ETF批准的关键论点，参考了2023年7月在2023年7月实现的部分法院胜利瑞普尔实验室。该裁决发现，零售投资者对零售投资者的计划销售并不构成联邦法律下的投资合同 - 重点现在有上诉的争论。 CBOE申请明确指出，交易所“认为它正在采用适当的法律标准，以真诚地确定XRP在这种情况下不是根据联邦法律的担保。”

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.

尽管市场逆风，但这些应用与最近以加密投资的投资产品的乐观态度相吻合。 XRP是市值的第四大数字资产，其价格下跌约33％，此前1月下旬的历史最低点高达3.40美元之后，其价格下跌。

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提交给SEC至关重要，因为他们要求在CBOE BZX Exchange上列出和交易的许可。一旦在联邦公报上发布，监管机构通常会有一个最初的45天窗口，可以批准，拒绝或扩展对每个拟议规则更改的审查。

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业务通讯员埃莉诺·特雷特（Eleanor Terrett）最近观察到的那样，在做出最终决定之前，SEC可以利用扩展名（总计240天）。特雷特在关于这一过程的评论中警告说，“这些表格的提交不能保证批准”，强调了监管审查仍然很重要。

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.

许多分析师指出，SEC在第二巡回法院对Ripple Labs的持续上诉，该机构旨在扭转7月份的裁决，该裁决将XRP的程序化销售与传统证券产品区分开来。

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首席执行官布拉德·加林豪斯（Brad Garlinghouse）似乎在最近的一条推文中引用了19b-4的文件，在X：19b-4的文件上发布了闹钟表情符号，开始了倒计时以进行最终裁决。尽管他没有进一步详细说明，但他的认可引起了XRP支持者的共鸣，他们将这些ETF应用视为主流采用的潜在催化剂。

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.

与比特币和以太坊不同，在既定的期货市场（主要是CME）的基础上获得了ETF的部分批准，XRP缺乏相应的CME期货产品。这种缺席被广泛认为是监管批准的额外障碍。结果，资产经理正在提出各种保护措施，以解决过去SEC围绕市场诚信和投资者保护的问题。

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，发行人计划通过多个次要场所获得令牌。此外，这些建议概述了实时监督机制，以检测和阻止操纵交易。此外，XRP持有量将与有执照的托管人一起保存，通常是在冷藏方案下，以降低对手风险。第四，将有内置机制在极端波动期间停止盘中交易，该功能旨在特别保护零售投资者。

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.

这些承诺模仿了其他Crypto ETF申请中使用的策略，例如有关Solana ETF的最新建议，这是CBOE的另一个努力，该提案是在去年监管反馈后重新提交的。

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

发稿时，XRP的交易价格为2.51美元，在过去24小时内下跌3.16％。