WisdomTree, the issuer of a Bitcoin ETF for spot trading, has submitted a Form S-1 Registration Statement to Securities and Exchange Commission in order to launch a XRP ETF.
WisdomTree, along with Bitwise, 21Shares and Canary Capital, has filed a request for SEC approval of spot XRP-based ETFs. As Eleanor Terrett of Fox Business reported, this collective move indicates growing institutional interest in XRP as an investable asset class, especially given the impending end to Gary Gensler’s tenure at the SEC.
Bank of New York Mellon will be the trustee of the proposed ETF, which would track the performance of the XRP cryptocurrency. This initiative comes as XRP has demonstrated strong market performance, recently surpassing Tether’s USDT to become the third-largest digital asset by market capitalization.
Over the past week, XRP’s price surged to $2.42, representing a 68% gain and pushing its market capitalization beyond the $135 billion mark.
These ETFs were filed at a time when the political and regulatory landscape was undergoing significant changes. President Donald Trump’s recent election victory suggests the possibility of more crypto-friendly policies under the new administration. RippleLabs, which is the company that created XRP (the cryptocurrency), and the Republican government are said to be in talks.
Nevertheless, approval is currently uncertain because of the legal battle between Ripple labs and SEC. Though Gensler’s successor could well expedite approval, especially given Ripple’s US heritage, something Trump has been vocal in promoting.
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