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.
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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.
The SEC will evaluate whether to approve, disapprove, or initiate proceedings after the comment period concludes. This acknowledgment represents the second phase in the two-step process for proposing crypto ETFs to the regulatory body.
The agency has already acknowledged spot XRP ETF applications from 21Shares, Grayscale, and Bitwise, while submissions from Canary Capital and WisdomTree remain pending acknowledgment.
The development follows the SEC’s approval of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July. A newly formed crypto task force, led by Republican SEC Commissioner Hester Peirce, will assess which crypto assets qualify as securities among other responsibilities.
Bloomberg ETF analysts James Seyffart and Eric Balchunas assign a 65% probability of XRP exchange-traded products approval.
XRP currently trades at $2.5 and ranks as the third-largest crypto asset by market capitalization, according to CoinGecko data.
Earlier this month, Nasdaq submitted regulatory documentation to the SEC for both an XRP ETF and a Litecoin ETF from CoinShares, as the European digital asset investment firm seeks to expand its US presence. The exchange filed 19b-4 forms for both products, following CoinShares’ S-1 filing submission last month.
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