SEC acknowledges XRP ETF filing from Nasdaq, CoinShares
Bloomberg analysts estimate a 65% probability of approval for XRP ETFs.
Key Takeaways
- The SEC has formally acknowledged Nasdaq's filing for the CoinShares XRP ETF, allowing a 21-day public comment period.
- Other exchanges, like Cboe, are also seeking approval to list and trade shares of XRP ETFs from multiple firms including WisdomTree and Bitwise.
Share this article
The US SEC has acknowledged Nasdaq’s filing for the CoinShares XRP ETF, opening a 21-day public comment period following the Federal Register publication. This development comes after Nasdaq’s submission of 19b-4 forms to the SEC earlier this month, proposing a rule change to list and trade shares of the CoinShares XRP and Litecoin ETFs.
The acknowledgment confirms that the SEC has received the ETF application. Following the comment period, the regulator will decide whether to approve, disapprove, or initiate further proceedings regarding the proposed ETF.
In recent weeks, the SEC has acknowledged spot XRP ETF filings from 21Shares, Grayscale, and Bitwise. Applications submitted by Canary Capital and WisdomTree are currently awaiting their turn.
While the new development does not guarantee that the SEC will ultimately greenlight those proposed funds, it’s a positive sign that the regulator might be warm to crypto investment products, in contrast to previous instances when SEC reluctance led to the withdrawal of similar applications.
The SEC previously indicated to at least two ETF issuers that they would reject their respective Solana ETF filings and were unlikely to approve any new crypto ETFs under the Biden administration. Given the ongoing legal lawsuit between Ripple Labs and the SEC, XRP ETFs were also thought to be off the table.
XRP currently trades at $2.5 and ranks as the third-largest crypto asset by market capitalization, according to CoinGecko data. Bloomberg ETF analysts James Seyffart and Eric Balchunas assign a 65% probability of XRP ETF approval.
Share this article
