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21Shares filed an application with SEC for a spot XRP exchange traded fund.
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Brad Garlinghouse acknowledges growing institutional interest in XRP XRP ETFs.
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The Ripple CEO criticizes the SEC’s continued disregard of the court’s jurisdiction.
21Shares, a Swiss asset manager, has filed a request with the Securities and Exchange Commission to launch XRP spot ETF. Brad Garlinghouse, Ripple’s CEO, acknowledged the growing institutional interest in XRP-based ETFs. He also addressed the SEC’s repeated losses when it comes to crypto.
21Shares filed a Form S-1 with the SEC on 1 November, seeking approval to list Core XRP Trust Shares on the Cboe BZX Exchange. The filing aims at allowing investors to indirectly access the XRP Market. Coinbase Custody Trust Company is the custodian of the XRP.
21Shares’ move is in line with similar XRP-ETF filings made by other asset managers such as Bitwise and Canary Capital. Bitwise was the very first to submit an XRP-based ETF application. Bitwise registered a trust on October 2 and then filed an updated S-1 Registration Statement for the ETF. Canary Capital, based in Australia, applied for the product a week following Bitwise’s decision. Grayscale, a financial firm, has also launched an XRP Trust, and filed to convert their multi-assets fund, which includes XRP, into a ETF. The XRP community is waiting for the regulator to approve the launch of the ETF.
Garlinghouse praised XRP for its growing acceptance on X. He stated, “The market message is clear – the institutional interest in XRP is stronger than ever.” Garlinghouse highlighted the recent XRP etf applications.
Read Also: XRP Approval Could Spark Broad Crypto Market Rally
Garlinghouse also criticized SEC’s crypto regulations efforts, pointing to the agency’s court losses related to digital assets. Federal judges have made important decisions, exempting XRP’s and Binance Coins’ secondary sales from being classified securities. The Ripple CEO stated, “Their continued disrespect for the court authority will further erode SEC’s reputation and credibility.”
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