WisdomTree, a Bitcoin ETF issuer, has filed for a spot XRP exchange-traded fund (ETF) with the SEC. This move comes as other companies like Bitwise, 21Shares, and Canary Capital are also seeking approval for spot XRP ETFs. This collective action shows a growing interest from institutional investors in XRP as an investment option, especially with Gary Gensler stepping down from his role at the SEC.
The proposed ETF will track the performance of XRP, with Bank of New York Mellon acting as the trust administrator. XRP has been performing well in the market, recently surpassing Tether’s USDT to become the third-largest digital asset by market capitalization. In the past week, XRP’s price surged to $2.42, marking a 68% gain and pushing its market capitalization over $135 billion.
These ETF filings come at a time of significant regulatory and political changes. The recent election of President Donald Trump suggests the possibility of more crypto-friendly policies under the new administration. There are also rumors of discussions between Ripple Labs, the company behind XRP, and the Republican administration. However, the approval process for these ETFs remains uncertain due to the ongoing legal dispute between Ripple Labs and the SEC.
While Gensler’s successor may potentially expedite the approval process, given Ripple’s US heritage, the outcome is still uncertain. Trump has been vocal in promoting Ripple, which may indicate a favorable stance towards the company and its cryptocurrency. It will be interesting to see how these developments unfold in the coming months as the regulatory landscape continues to evolve.
