YEREVAN (CoinChapter.com) — MEMX, a U.S. securities exchange, has filed with the Securities and Exchange Commission (SEC) to list a 21Shares XRP exchange-traded fund (ETF). According to the filing, the ETF would be classified as a Commodity-Based Trust.
The application is part of ongoing efforts to introduce spot XRP ETFs in the U.S. market. If approved, the fund would be listed alongside spot Bitcoin (BTC) and Ether (ETH) ETFs, which received approval last year.
SEC Filing on MEMX LLC’s Proposed Rule Change for Tape A Quoting Tier Rebate. Source: Securities and Exchange CommissionXRP Classification and SEC Legal History
The SEC sued Ripple in 2020, arguing that XRP was an unregistered security at launch. In August 2023, a U.S. judge ruled that XRP is not inherently a security but could be considered one under specific conditions.
Listing XRP ETFs under a commodity-based classification could affect future regulatory decisions on digital assets. The outcome of the SEC’s review will determine how XRP investment products are structured in the U.S.
21Shares and XRP ETF Filing Timeline
21Shares applied for the Core XRP Trust ETF in November 2024, shortly before the U.S. elections on Nov. 5. The application was filed as more exchanges sought crypto ETF listings in response to evolving regulatory conditions.
21Shares Core XRP Trust SEC Registration Filing Under the Securities Act of 1933. Source: U.S. Securities and Exchange CommissionThe 21Shares Core XRP Trust ETF is one of several crypto-related ETFs awaiting SEC approval.
Cboe BZX Submits Multiple XRP ETF Applications
On Feb. 6, 2024, Cboe BZX Exchange filed an application to list four spot XRP ETFs, including the 21Shares Core XRP Trust ETF. The SEC acknowledged the filing on Feb. 14, signaling a potential review.
The SEC’s decision on these applications will influence the future of XRP-based ETFs and broader crypto ETF regulations.
boe BZX Exchange Files Amendment for 21Shares Core XRP Trust Listing with SEC. Source: U.S. Securities and Exchange CommissionCrypto ETF Filings Expand to Memecoins and Altcoins
Issuers have filed for dozens of cryptocurrency ETFs, anticipating a more crypto-friendly stance from the Trump administration. The filings include memecoin ETFs, such as Dogecoin (DOGE), Official Trump (TRUMP), and Bonk (BONK).
In addition, issuers are seeking to list ETFs for alternative cryptocurrencies (altcoins) like Solana (SOL) and Litecoin (LTC).
SEC Acknowledgment and Approval Odds for Spot Crypto ETFs in 2025. Source: XMeanwhile, existing spot Bitcoin (BTC) and Ether (ETH) ETFs are applying for new features, including staking and in-kind redemptions. Several crypto index ETFs, designed to hold a basket of digital assets, are also awaiting SEC approval.
Notably, on Feb. 14, 2024, the Hashdex Nasdaq Crypto Index US ETF began trading on Nasdaq, becoming the first spot crypto index fund in the U.S. market.
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