Following the lead of a number of corporations which have already taken the step, 21Shares has change into the newest to file for an XRP ETF with the US Securities and Change Fee (SEC). Certainly, a submitting made Friday has the agency seeking to difficulty the funding product for Ripple’s native cryptocurrency.
21Shares has now change into the third agency to file for the XRP funding automobile, following each Bitwise and Canary Capital. Furthermore, it comes only a week after Ripple CEO Brad Garlinghouse instructed Bloomberg that an ETF for the token was “inevitable.”
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21Shares Turns into Newest to File for XRP ETF With Reluctant SEC
The contentious relationship between Ripple and the SEC has been properly documented. Either side have been engaged in a years-long authorized battle that has dragged on with each submitting to attraction sure rulings. But, that hasn’t stopped crypto asset managers from submitting to carry an XRP ETF to the market.
Certainly, 21Shares has change into the newest to file for an XRP ETF with the SEC. They be part of fellow cryptocurrency asset administration corporations Bitwise and Canary Capital. The funding automobile will monitor the efficiency of XRP and supply publicity to institutional buyers. Earlier this 12 months, 21Shares additionally filed to difficulty a Solana ETF.
The SEC will undoubtedly be reluctant to difficulty such an funding providing contemplating its stance on XRP. The continuing authorized battle was concerning the tokens’ standing as a safety. But, that modified with Choose Anlisse Torres ruling earlier this 12 months that the asset was to not be recognized as such.
A possible approval would see the US get its third crypto-based ETF in 2024. Bitcoin was the primary, gaining regulatory approval in January. Months later, Ethereum adopted swimsuit. Though BTC proved immensely profitable, ETH has but to reflect the identical efficiency.
