Cboe BZX Exchange Advances Spot XRP ETP Listings with SEC Filings
Cboe BZX Exchange Submits Filings for XRP ETPs
Cboe BZX Exchange has filed 19b-4 forms with the SEC on behalf of Bitwise, 21Shares, and Canary Capital to list and trade spot ETPs tracking XRP. These filings represent a significant step toward introducing XRP-based exchange-traded products in the U.S. market.
Regulatory Process and Market Context
The 19b-4 filing is the second phase in proposing a crypto ETF, following the SEC's acknowledgment and publication in the Federal Register. This process aligns with the SEC's recent approvals of spot Bitcoin and Ethereum ETFs, signaling a favorable regulatory environment.
XRP, currently the fourth-largest cryptocurrency by market capitalization, is experiencing a 4.47% decline, yet interest in its ETPs remains strong. Bitwise and 21Shares had earlier submitted registrations for XRP ETFs in October and November, respectively.
Industry Momentum and Competition
The race to establish crypto ETFs is intensifying, with WisdomTree filing for a spot XRP ETF in December and NYSE Arca submitting a 19b-4 filing to convert Grayscale’s XRP trust into a spot ETF. CoinShares also entered the market with a registration statement for a "CoinShares XRP ETF" last month.
Purpose Investments has filed a preliminary prospectus with Canadian regulators, aiming to become the world's first issuer of an XRP ETF.
Regulatory Clarity and Support
The SEC's crypto task force, led by acting Chair Mark Uyeda and supported by Commissioner Hester Peirce, is focused on clarifying the regulatory status of crypto assets. Peirce has emphasized the need to distinguish which assets qualify as securities and to streamline the registration process for firms.
These developments reflect a growing pro-crypto stance, further fueled by President Donald Trump's supportive rhetoric, leading to a surge in spot crypto ETF filings. The progress in regulatory clarity and institutional interest underscores the potential for significant growth in the crypto ETF market.
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