Spot Bitcoin ETF issuer WisdomTree has filed a Form S-1 registration statement with the Securities and Exchange Commission (SEC) to launch a Spot XRP exchange-traded fund (ETF).
WisdomTree joins Bitwise, 21Shares, and Canary Capital in seeking SEC approval for spot XRP ETF. As reported by Fox Business's Eleanor Terrett, this collective move represents institutional investor interest in XRP as an investable asset class, especially given the impending end of Gary Gensler's tenure at the SEC. It shows that interest is growing.
The proposed ETF would track the performance of XRP, with Bank of New York Mellon designated as the trust manager. The move comes after XRP has performed well in the market, recently surpassing Tether's USDT to become the third-largest digital asset by market capitalization.
Over the past week, XRP's price has soared to $2.42, a 68% gain and a market cap of over $135 billion.
The timing of these ETF filings coincides with significant changes in the regulatory and political landscape. President Donald Trump’s recent election victory suggests that more crypto-friendly policies may be implemented under the new administration. Additionally, rumors suggest that discussions are underway between Ripple Research, the company behind XRP, and the Republican administration.
However, the approval process remains unclear for now due to an ongoing legal dispute between Ripple Labs and the SEC. Still, Gensler's successor could very well speed up approval, especially given Ripple's U.S. heritage, which President Trump has actively promoted.
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Liam Akiva Wright CryptoSlate Editor-in-Chief
Liam Wright, also known as “Akiba,” is a reporter, podcast producer, and editor-in-chief at CryptoSlate. He believes decentralized technology has the potential to bring about far-reaching positive change.
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CryptoSlate News Desk Editor
CryptoSlate is a comprehensive and contextual source of cryptocurrency news, insights, and data. Focused on Bitcoin, Macro, DeFi, and AI.
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