Spot Bitcoin ETF issuer WisdomTree has filed a Form S-1 registration statement with the Securities and Exchange Commission (SEC) to launch a spot XRP exchange-traded fund (ETF).
WisdomTree joins Bitwise, 21Shares, and Canary Capital in seeking SEC approval for spot XRP ETFs. As Eleanor Terrett of Fox Business reported, this collective move indicates growing institutional interest in XRP as an investable asset class, especially given the impending end to Gary Gensler’s tenure at the SEC.
The proposed ETF would track the performance of XRP, with Bank of New York Mellon designated as the trust administrator. This initiative comes as XRP has demonstrated strong market performance, recently surpassing Tether’s USDT to become the third-largest digital asset by market capitalization.
Over the past week, XRP’s price surged to $2.42, representing a 68% gain and pushing its market capitalization beyond the $135 billion mark.
The timing of these ETF filings coincides with significant shifts in the regulatory and political landscape. President Donald *****’s recent election victory suggests the possibility of more crypto-friendly policies under the new administration. Further, rumors indicate ongoing discussions between Ripple Labs, the company behind XRP, and the Republican administration.
However, the approval process remains uncertain for now due to the ongoing legal dispute between Ripple Labs and the SEC. Though Gensler’s successor could well expedite approval, especially given Ripple’s US heritage, something ***** has been vocal in promoting.
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