The post Ripple News: XRP Spot ETFs Could Soon Hit the Market as CBOE Pushes for SEC Approval appeared first on Coinpedia Fintech News The CBOE BZX exchange has officially filed with the SEC to list and trade spot XRP ETFs, signaling major progress in the crypto ETF landscape. The filing, submitted under the 19B4 rule, is on behalf of WisdomTree, Bitwise, 21Shares, and Canary Capital, four firms aiming to launch exchange-traded products that track XRP, the fourth-largest cryptocurrency by market capitalization. This filing represents the second part of a two-step process for launching a crypto ETF. Once acknowledged by the SEC, the proposal will be published in the Federal Register, officially starting the agency’s approval process. Industry experts predict that with a pro-crypto administration and the upcoming new SEC chair, the approval of XRP spot ETFs could happen as early as this year. “The Exchange believes that approving this proposal (and comparable proposals) provides the Commission with the opportunity to allow U.S. investors with access to XRP in a regulated and transparent exchange traded vehicle that would act to limit risk to U.S. investors,” the filing said. Unlike previous crypto ETFs, XRP lacks an established futures market on the Chicago Mercantile Exchange (CME), a key component in the SEC’s decision-making process for Bitcoin and Ethereum approvals. To increase the likelihood of approval, WisdomTree, one of the filing firms, is implementing safeguards such as sourcing XRP from secondary markets rather than Ripple Labs, avoiding any direct ties with the company at the center of the SEC’s legal battle. Firms Rely on Ripple’s Partial Victory Against SEC Interest in XRP ETFs has increased after Ripple Labs won a partial legal victory in July 2023, with a favorable ruling in its ongoing SEC lawsuit. This legal outcome has been referenced in ETF applications. As the approval process for these ETFs continues, there is growing anticipation that a wave of institutional investment could flood into the market. The launch of XRP ETFs, along with similar products targeting top cryptocurrencies like Solana, would offer investors greater exposure to the digital asset space. I
