- CoinShares has filed for a spot XRP ETF with the SEC amid rising interest in cryptocurrency ETFs.
- Regulatory changes at the SEC may impact the approval of cryptocurrency ETFs including XRP-focused funds.
- Ripple’s ongoing legal case with the SEC could affect the prospects for CoinShares’ XRP ETF approval.
CoinShares has submitted a filing to the U.S. Securities and Exchange Commission for a spot XRP exchange traded fund. This development is part of a broader surge in cryptocurrency ETF filings. Financial firms are aiming to expand digital asset investment options in the U.S. market.
CoinShares Leads with XRP ETF Proposal
The registration statement, submitted on Form S-1, seeks to launch a physical XRP ETF. This filing follows previous approvals of spot Bitcoin and Ethereum ETFs, which have encouraged firms to pursue similar offerings. CoinShares’ focus on XRP aligns with the increasing attention on altcoin ETFs.
Alongside its XRP ETF filing, CoinShares also submitted a similar application for a spot Litecoin ETF. These moves highlight the growing interest in diversifying cryptocurrency ETF offerings.
Other players are also making moves. Grayscale Investments has filed to convert its Solana Trust and Litecoin Trust into spot ETFs. Meanwhile, BlackRock applied for in-kind creation and redemption for its iShares Bitcoin Trust.
Regulatory Changes May Impact Approval Rates
The wave of filings comes amid potential regulatory shifts under the new SEC administration. Acting SEC Chair Mark Uyeda has introduced a cryptocurrency task force to create clearer regulatory guidelines.
This task force, led by Commissioner Hester Peirce, aims to refine registration processes and strengthen disclosure requirements for the industry. These efforts may improve approval rates for cryptocurrency ETFs, including XRP-focused funds.
Ripple’s Legal Battle and Its Effect on XRP ETFs
Despite the momentum behind the XRP ETF filing, Ripple Labs is in a legal dispute with the SEC. The case centers on whether XRP qualifies as a security. This ruling could influence the regulatory status and ETF prospects of XRP.
Ripple has set deadlines for appeal-related filings, fueling speculation about a resolution under new SEC leadership. Legal experts suggest the SEC may negotiate a settlement hence reducing uncertainties surrounding XRP.
The post CoinShares Files for Spot XRP ETF Amid Growing Cryptocurrency ETF Submissions appeared first on Cryptonewsland.
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