SEC Acknowledges CoinShares XRP ETF Filing
SEC Greenlights CoinShares XRP ETF Filing
The US Securities and Exchange Commission (SEC) has formally acknowledged Nasdaq’s filing for the CoinShares XRP Exchange-Traded Fund (ETF), initiating a 21-day public comment period. This follows Nasdaq’s submission of 19b-4 forms earlier this month, proposing rule changes to list and trade shares of CoinShares XRP and Litecoin ETFs. The SEC’s acknowledgment is a significant step, signifying the application’s receipt and paving the way for potential approval.
What This Means for XRP and the Crypto Market
This development comes as a surprise to many, considering the SEC's ongoing legal battle with Ripple Labs and its previous rejection of several other crypto ETF applications. While approval isn't guaranteed, the SEC's action suggests a potential shift in its stance toward crypto investment products.
- The SEC has also acknowledged XRP ETF filings from other firms, including 21Shares, Grayscale, and Bitwise.
- Applications from Canary Capital and WisdomTree are pending.
- Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate a 65% probability of XRP ETF approval.
The current price of XRP is $2.5, and it holds the position of the third-largest cryptocurrency by market capitalization, according to CoinGecko.
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Further Implications
The SEC’s decision, following the public comment period, will significantly impact the crypto market. Approval would likely boost XRP’s price and increase institutional investment in cryptocurrencies. Conversely, a rejection could dampen market sentiment.