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CoinGape 2025-01-24 22:04:35

Breaking: CoinShares Files For XRP ETF With US SEC

CoinShares has submitted a filing to the U.S. Securities and Exchange Commission (SEC) for a spot XRP exchange-traded fund (ETF). The move is part of a surge in cryptocurrency ETF filings as financial firms seek to expand options for digital asset investments in the U.S. market. CoinShares Seeks Approval for XRP ETF CoinShares has submitted a registration statement on form S-1 to launch a physical XRP exchange-traded fund. This comes under the backdrop of more financial firms seeking Cryptocurrency ETFs after the approval of spot Bitcoin and Ethereum ETFs in the earlier part of last year. Apart from CoinShares’ XRP ETF filing, several other applications for cryptocurrency ETFs were submitted on January 25. CoinShares also submitted an S-1 for a spot Litecoin ETF, indicating that there is growing interest in altcoins ETFs. At the same time, Grayscale filed a 19b-4 application to have its Solana Trust (GSOL) and Litecoin Trust turned into ETFs. Grayscale Investments also submitted a 19b-4 application to convert its Solana Trust and Litecoin Trust into spot ETFs. Similarly, BlackRock, an asset management company, has also submitted an application for in-kind creation and redemption of its iShares Bitcoin Trust (IBIT). Regulatory Landscape Shifts Under New SEC Leadership The filings occur at a time when there could be shifting regulatory environment under the new administration. Prior to this, the former SEC Chair, Gary Gensler, resigned and Trump nominated Paul Atkins, a pro-crypto chair, for the position. Market participants are hopeful that Atkins’s pro-crypto stance could lead to more ETF approvals in the market. The SEC, under acting chair Mark Uyeda, has also established a new cryptocurrency task force headed by Commissioner Hester Peirce to help develop better guidelines for the industry. The task force is to consider the registration issues, improve the disclosure requirements and employ the enforcement tools more effectively. This change in the regulatory landscape might be beneficial for cryptocurrency ETFs, including those that are linked to XRP and other altcoins. Will Ripple Vs SEC Case Influence XRP ETF Filings? Despite the XRP ETF filing, Ripple Labs, the company associated with XRP, is still embroiled in a legal battle with the SEC. The lawsuit centers on whether XRP should be classified as a security, a decision that could affect the cryptocurrency’s regulatory status and its prospects for ETFs. Ripple recently requested an April 16, deadline for its appeal and cross-appeal briefs in the case. Lawyers following the matter speculate that the new SEC leadership may opt for a resolution rather than prolonging litigation. Pro-XRP legal expert Bill Morgan opined that the SEC could try to negotiate a settlement or even dismiss the appeal particularly under the leadership of Atkins. Such a resolution could remove all legal ambiguities for XRP and also increase the chances of approval of the ETF. While this XRP ETF filing is ongoing, the XRP price has appreciated by 1.5% at the time of writing, trading at $3.12. Concurrent with XRP ETF approval speculation, analysts have predicted the XRP price would rally after a crucial bullish breakout toward the $10 high. The post Breaking: CoinShares Files For XRP ETF With US SEC appeared first on CoinGape .

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