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ZyCrypto 2024-12-03 09:47:19

WisdomTree Officially Files For Spot XRP ETF Amid Soaring Confidence In Incoming Trump Administration

WisdomTree Officially Files For Spot XRP ETF Amid Soaring Confidence In Incoming Trump Administration

New York-based asset manager WisdomTree has formally joined the growing list of potential issuers seeking to introduce a spot XRP exchange-traded fund (ETF) on Wall Street. WisdomTree submitted its S-1 registration form with the United States Securities and Exchange Commission (SEC), becoming the fourth firm to do so. The filing adds to the bullish sentiment XRP has enjoyed in recent weeks. XRP ETF Fillings Pile Up On Dec. 2, WisdomTree submitted a Form S-1 filing for its WisdomTree XRP fund which seeks to provide investors exposure to the price of XRP by issuing shares that will be listed on the Cboe BZX Exchange. As the filing detailed, Coinbase will act as the fund’s prime execution agent and XRP custodian. “Coinbase serves as the XRP custodian and prime execution agent for several competing exchange-traded XRP products and … plays a critical role in supporting the U.S. spot XPR exchange-traded product ecosystem,” the filing reads. Moreover, Bank of New York Mellon will serve as the administrator for the proposed trust. In filing the S-1 for the spot XRP product, WisdomTree joins three other ETF issuers, including crypto asset managers Bitwise , Canary Capital , and 21Shares . XRP ETF filing #4… https://t.co/pekqC0Vcs6 — Eric Balchunas (@EricBalchunas) December 2, 2024 Hopes Surge For U.S. XRP ETFs Under Trump Regime The ongoing legal battle between Ripple and the SEC could delay XRP ETF applications from hitting Wall Street fast enough. In October, the SEC unleashed a last-minute appeal , challenging a July 2023 court ruling that found that XRP sales on secondary markets to investors did not qualify as securities transactions. Ripple filed its cross-appeal soon afterward in response to the SEC’s legal move. With SEC chair Gary Gensler on the way out as pro-crypto President-elect Trump assumes office, XRP backers believe that regulatory clarity is coming, and that will set the stage for a spot XRP ETF despite the ongoing appeal. And investor optimism is showing: WisdomTree’s filing comes as XRP’s price rockets. The asset hit a seven-year high price of $2.81 per coin on Monday. It’s now trading for $2.70, according to CoinGecko data, a 24-hour jump of over 32%. The Ripple-linked token is still 20.9% below its January 2018 all-time high of $3.40.

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