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WisdomTree has filed a spot XRP ETF with the SEC. The ETF will track the price of XRP, with Bank of New York Mellon being proposed as the trust administrator.
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WisdomTree has formally filed a Form S-1 registration statement for its Spot XRP exchange-traded fund with the Securities and Exchange Commission, marking its entry into a growing field of asset managers looking to launch XRP-based investment products.
Bank of New York Mellon would serve as administrator of the proposed trust, according to a Dec. 2 filing. The planned ETF will track the price of XRP, which currently ranks as the third-largest crypto asset by market value.
With this move, WisdomTree joins a growing group of asset managers looking to introduce XRP-based funds in the US, including Bitwise and Canary Capital, which filed for an XRP ETF earlier this year. The asset manager has not yet specified an exchange or ticker symbol for the proposed fund.
The filing follows WisdomTree's recent formation of a trust company in Delaware for the proposed fund. The move comes amid uncertainty over the SEC's stance on XRP, especially given Ripple Labs' ongoing legal dispute with regulators.
Industry observers have suggested that the impending departure of SEC Chairman Gary Gensler could prompt a reassessment of the agency's litigation approach, creating a more favorable environment for XRP ETFs under future leadership. There is.
This is a developing story.
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