WisdomTree has filed with the SEC to launch a spot XRP exchange-traded fund (ETF), joining other firms like Bitwise and 21Shares in seeking approval. This move reflects increasing interest from institutions in XRP, especially as it has recently become the third-largest cryptocurrency by Market cap, driven by a significant price surge to $2.42. The timing coincides with potential changes in U.S. crypto policy following Donald Trump’s election victory, which may lead to a more favorable regulatory environment. However, the SEC’s ongoing legal battle with Ripple Labs poses uncertainty for the ETF approval process. Despite this, there is optimism that new leadership could accelerate the process due to Ripple’s U.S. roots.
Title: Growing Interest in XRP as WisdomTree Files for Spot ETF
Tags: XRP, WisdomTree, Spot ETF, Cryptocurrency, SEC, Ripple Labs
In an exciting development for the cryptocurrency Market, WisdomTree has officially filed a registration statement with the Securities and Exchange Commission (SEC) to launch a spot XRP exchange-traded fund (ETF). This move places WisdomTree among other companies like Bitwise and 21Shares that are also seeking SEC approval for their own XRP ETFs. The increasing pursuit of these ETFs reflects a notable rise in institutional interest in XRP, especially as key regulatory changes are anticipated following Gary Gensler’s upcoming departure from the SEC.
The proposed ETF by WisdomTree aims to track the performance of XRP, with the Bank of New York Mellon set to act as the trust administrator. Notably, XRP has shown remarkable Market performance, recently climbing past Tether’s USDT to secure its position as the third-largest cryptocurrency by Market capitalization. Over the past week, XRP’s price surged to $2.42, marking an impressive 68% increase and pushing its Market cap above $135 billion.
These ETF filings come at a time of significant changes in the political and regulatory landscape. With President Donald Trump winning the election, there is potential for more crypto-friendly policies under his administration. Furthermore, there are rumors of ongoing discussions between Ripple, the creator of XRP, and the new Republican leadership.
Despite the optimistic outlook, the approval process for these ETFs faces uncertainty due to a legal dispute between Ripple Labs and the SEC. However, many believe that Gensler’s successor could accelerate the approval process, especially given Ripple’s foundation in the U.S., an aspect that Trump has openly supported.
Stay tuned as this situation develops, as the future of XRP and its accessibility through an ETF could mark a pivotal moment for investors and the broader crypto Market.
What is a spot XRP ETF?
A spot XRP ETF is an investment fund that holds actual XRP coins directly, allowing people to invest in XRP without owning the coins themselves.
Why is WisdomTree filing for a spot XRP ETF?
WisdomTree wants to offer an easy way for investors to gain exposure to XRP, especially as interest in cryptocurrencies continues to grow.
What does the SEC’s leadership change mean for the ETF filings?
The change in SEC leadership could affect how quickly and easily these ETF applications are approved or denied.
How many companies have filed for a spot XRP ETF?
WisdomTree is the fourth company to file for a spot XRP ETF, joining others looking to enter the Market.
What happens next with the ETF applications?
After filing, the SEC will review the applications, and investors will have to wait for the SEC’s decision on whether to approve or reject them.
