SEC Accepts 21Shares Spot XRP ETF
The Securities and Exchange Commission (SEC) has officially recognized 21Shares’ application for an exchange-traded fund (ETF) that invests in spot XRP.
Grayscale Investments’ proposal to list and trade shares of its Grayscale XRP Trust as an ETF was recognized by the SEC shortly after this acknowledgment.
The impending approval of an XRP ETF has increased interest in Ripple’s based token, and these developments point to a possible change in the regulatory environment for financial products based on cryptocurrencies. 21Shares filed a Form S-1 with the SEC on November 1, 2024, requesting permission to list its Core XRP Trust shares on the Cboe BZX Exchange.
The trust seeks to provide investors with indirect exposure to the digital asset, per the filing. Canary Capital and Bitwise had already applied for a spot in the XRP ETF, and 21Shares was the third company.
Grayscale Investments’ proposal for an ETF has been accepted by the SEC. Following the SEC’s recognition, a procedure to gather public feedback on the application.
Under former Chair Gary Gensler, the SEC declined to review such ETF applications in late 2024, claiming that the outgoing administration would not authorize any.
Gensler is well-known for his multi-year war on cryptocurrency, which he waged against firms such as Coinbase, Ripple, and others. The regulator appears to be moving in a more pro-crypto direction now that Gensler is gone, though, and some have conjectured that it might reject the Ripple case and other non-fraud cryptocurrency lawsuits.
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