Four Asset Managers File For Spot XRP ETF
Four asset managers have recently submitted 19b-4 filings to the Cboe BZX Exchange in an attempt to list the first spot XRP exchange-traded funds in the US.
The exchange filed 19b-4 filings for ETFs that track the price of XRP, the fourth-largest cryptocurrency by value, for Canary Capital, WisdomTree, 21Shares, and Bitwise.
The Securities and Exchange Commission is notified of a proposed rule change through the 19b-4 filings, which, if accepted, would result in the nation’s first XRP ETFs.
The SEC, under former Chair Gary Gensler, permitted ETFs that track Bitcoin to start trading IN 2024. Analysts have noticed a rise in the quantity and diversity of ETF filings about cryptocurrency under crypto-friendly acting chair Mark Uyeda.
A Gensler-led SEC rejected Cboe BZX’s 19b-4 filings for spot Solana ETFs for Canary, 21Shares, Bitwise, and VanEck late last year.
Before the SEC will permit an ETF to begin trading, it requires a Form S-1 and a 19b-4 filing, which is the security’s initial registration with the agency. Bitwise was closely followed by Canary Capital, which filed a Form S-1 for its Canary XRP Trust.
The WisdomTree XRP Fund was submitted to the SEC in December, while 21Shares first filed for its XRP ETF, the 21Shares Core XRP Trust, in November.
JP Morgan projected that within the first 12 months of their launch, spot XRP ETFs will attract between $4 billion and $8 billion in net new assets.
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