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21Shares XRP ETF files for approval as MEMX trust

21Shares XRP ETF files for approval as MEMX trust

Grafa2025/02/18 09:40
By: Liezl Gambe
BTC-0.16%CORE-0.42%XRP-0.15%

The MEMX, a U.S. securities exchange, has applied to the SEC to list the 21Shares XRP ETF as a "commodity trust."

This filing marks the latest effort to introduce ETFs holding spot XRP (CRYPTO:XRP), the native token of Ripple’s XRP Ledger blockchain network.

The move reflects a possible shift in the SEC's approach to cryptocurrency, particularly with the current administration signaling a crypto-friendly stance.

In 2020, the SEC sued Ripple, alleging the blockchain developer issued unregistered securities when launching the XRP token.

A U.S. judge partially resolved the case in August, ruling that the XRP token is not inherently a security but may qualify as one under certain circumstances.

Listing as a commodity trust would categorise XRP similarly to spot Bitcoin (CRYPTO:BTC) and Ether (CRYPTO:ETH) ETFs, which launched in the U.S. last year. 

21Shares filed to list its Core XRP Trust ETF in November, before the change in administration.

The current administration has pledged to make America "the world’s crypto capital" and appointed pro-industry leaders to key regulatory positions.

Cboe BZX also sought permission to list four spot XRP ETFs, including 21Shares Core XRP Trust.

The SEC acknowledged the application on February 14.

Data from Polymarket suggests a 78% probability of XRP ETF approval soon.

Issuers have filed to list over a dozen cryptocurrency ETFs in anticipation of the administration’s more accommodating stance toward crypto, including ETFs holding memecoins such as Dogecoin (CRYPTO:DOGE) and alternative cryptocurrencies such as Solana and Litecoin.

Existing crypto ETFs are also seeking to add new features like staking and in-kind redemptions.

On February 14, the first spot crypto index fund, Hashdex Nasdaq Crypto Index US ETF, started trading on Nasdaq.

At the time of reporting, the XRP (XRP) price was $2.66.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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