WisdomTree Seeks SEC Approval for Spot XRP ETF
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.
READ MORE:
AI Trading Bot Boosts Crypto Portfolio by Over 122,000%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.
You may also like
U.S. stocks opened higher and fluctuated, the Japanese yen rebounded more than 1% intraday, 10-year U.S. Treasury yields broke above 5.22% again, and U.S. crude oil once fell nearly 3%.
After the release of U.S. consumer confidence data, the S&P and Nasdaq turned negative, while the Dow is poised to break a three-day losing streak but is set for a fourth consecutive weekly decline. Meta pulled back, falling more than 3% during the session. The U.S. 10-year Treasury yield surpassed 5.22% again, marking a new high for the third day in a row since 2007, while the 30-year yield reached its highest level since 2004. The yen/dollar pair surged 1.2% intraday, as Japanese and U.S. officials successively signaled concerns over the weak yen. Expectations for a diplomatic resolution between the U.S. and Iran are rising, halting crude oil's two-day climb.
US Treasury volatility surges, triggering alarms! BofA’s Hartnett warns of rising deleveraging risks as higher yields become main threat to the market
Bank of America strategist Michael Hartnett warns that the recent sharp rise in volatility in the US bond market is increasing the risk of broader deleveraging in financial markets.
U.S. diesel prices surge 83% this year! Apollo Chief Economist warns: Cost pass-through may make core inflation more stubborn, Federal Reserve can't ignore it
Torsten Slok, Chief Economist at Apollo Global Management, has warned that the inflation threat posed by the surge in U.S. diesel prices to historic highs may be more serious than the Federal Reserve currently realizes.
Crypto prices
More
