- 21Shares has submitted an application with the SEC to launch a spot XRP ETF.
- Brad Garlinghouse acknowledges the growing institutional interest in XRP ETFs.
- The Ripple CEO slams the SEC for its continued disregard for the court’s authority.
21Shares, the Swiss-based asset manager, has applied to the Securities and Exchange Commission (SEC) to launch a spot XRP ETF. Ripple CEO Brad Garlinghouse acknowledged the rising institutional interest in XRP ETFs and addressed the SEC’s repeated losses against crypto.
21Shares submitted a Form S-1 filing to the SEC on November 1, seeking approval to list its Core XRP Trust shares on the Cboe BZX Exchange. The filing aims to allow investors to access the XRP market indirectly. Coinbase Custody Trust Company will be the custodian for the XRP holdings.
21Shares’ move follows similar XRP ETF filings by other asset managers, such as Bitwise and Canary Capital. Bitwise was the first to file an XRP ETF application. On October 2, Bitwise registered a trust entity, following which the firm filed an updated S-1 registration statement for the ETF. The Australia-based Canary Capital applied for the product just a week after Bitwise’s move. In addition, investment firm Grayscale has launched an XRP Trust and filed to convert its multi-asset fund, including XRP, into an ETF. With 21Shares entering the rally, the XRP community awaits the regulator’s nod to launch the ETF.
Garlinghouse celebrated XRP’s growing acceptance on X, stating, “The message from the market is clear – institutional interest in XRP products is stronger than ever.” He highlighted the recent XRP ETF applications.
Read also: XRP ETF Approval Could Spark Broad Crypto Market Rally
Garlinghouse also criticized the SEC’s crypto regulation efforts, pointing out the agency’s losses in court cases related to digital assets. Federal judges have made significant decisions, exempting XRP and Binance Coin’s secondary sales from being classified as securities. The Ripple CEO said, “Their continued disregard for the court’s authority will further erode the SEC’s credibility and reputation.”
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Source: https://coinedition.com/21shares-files-for-spot-xrp-etf-ripple-ceo-confirms-interest/