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coinpedia 2025-02-18 03:15:23

Crypto News: MEMX Seeks SEC Approval to List 21Shares XRP ETF

The post Crypto News: MEMX Seeks SEC Approval to List 21Shares XRP ETF appeared first on Coinpedia Fintech News MEMX, a U.S.-based securities exchange, has submitted a filing to the Securities and Exchange Commission (SEC) seeking approval to list an XRP exchange-traded fund (ETF). The proposed ETF will be structured as a “Commodity-Based Trust,” a model already used for Bitcoin and Ethereum ETFs. This filing marks the latest move by a U.S. exchange to offer an ETF containing spot XRP, the native token of Ripple’s XRP Ledger blockchain. The decision to file comes amid increasing interest in crypto ETFs and after a key legal ruling in favor of Ripple, which determined that XRP is not automatically considered a security. Multiple exchanges are exploring opportunities to offer similar products The buzz around these ETFs is evident, with 15 different ETFs now vying for attention, each competing to secure approval for listing. With institutional demand rising, many believe the SEC’s approval of these ETFs could trigger massive buying activity, pushing XRP’s value to new heights. Grayscale, a digital asset firm, is working on launching a spot XRP ETF. On January 30, 2025, NYSE Arca filed a form with the SEC to list Grayscale’s XRP Trust as an ETF. This starts a 240-day review period, with a decision expected by mid-October 2025. The SEC acknowledged the application on February 14, 2025. XRP Rally Soon? As major players in the market, including whales, have been gobbling up millions of XRP over the past few months, the anticipation for the approval of XRP-based Exchange Traded Funds is heating up. With institutions increasingly eyeing XRP and the SEC’s Ripple case potentially nearing its conclusion, the sentiment surrounding XRP has never been stronger. Those in the digital assets space are preparing for what could be a historic run, with some expecting prices to break records and possibly challenge Bitcoin’s dominance.