WisdomTree Seeks SEC Approval for Spot XRP ETF

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Cryptodnes2024/12/03 11:22

By:Cryptodnes

WisdomTree has taken a significant step toward launching an ETF tied to XRP, filing its proposal with the U.S. Securities and Exchange Commission (SEC) on Monday.

If approved, the WisdomTree XRP Fund would be listed on the Cboe BZX Exchange, though its ticker symbol has not yet been determined. The Bank of New York Mellon is set to serve as the fund’s administrator, according to the filing .

The fund aims to provide exposure to XRP’s market performance, accounting for operational expenses. As part of its preparation, WisdomTree registered an XRP-focused entity in Delaware on November 25. Several other firms, including Bitwise, 21Shares, and Canary Capital, have also sought approval for similar spot XRP ETFs.

However, the SEC has yet to greenlight such a product, largely due to its ongoing legal battle with Ripple Labs, which began in 2020. The agency accused Ripple of raising $1.3 billion through the sale of XRP, claiming the token was an unregistered security.

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WisdomTree’s filing acknowledges potential risks for investors, highlighting that XRP’s classification as a security remains unresolved. The firm stated that the legal status of digital assets like XRP is both complex and unpredictable, with arguments existing on both sides of the classification debate. This uncertainty could significantly impact the fund’s prospects, depending on how regulators ultimately define XRP.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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