WisdomTree Takes Steps to Launch XRP ETF in Delaware
WisdomTree, a well-established investment firm managing approximately $113 billion in assets, has embarked on a significant journey to create an XRP exchange-traded fund (ETF). Their recent filing for the establishment of a trust in Delaware serves as the first important step in this process. Following this, they plan to formally submit the necessary documentation to the Securities and Exchange Commission (SEC).XRP ETF Landscape Grows
This move positions WisdomTree alongside a growing cohort of asset management firms eager to roll out an XRP ETF. Interest in such funds surged after Bitwise filed its application last month, a development that Canary Capital quickly followed up on. The proposed XRP ETF aims to reflect the value of XRP, which is currently ranked as the sixth-largest cryptocurrency by market cap. However, WisdomTree hasn’t revealed which exchange the fund will be listed on or what its ticker symbol will be.Potential Changes in Regulatory Environment
As speculation mounts over SEC Chair Gary Gensler’s upcoming departure, the landscape for XRP ETFs appears poised for potential change. The ongoing legal battle involving Ripple Labs and the SEC adds extra layers of complexity to the situation. Experts believe that a new leadership could result in a shift in how the SEC approaches litigation, possibly creating a more favorable climate for XRP ETF approvals. At the same time, Bitwise’s recent filing occurs amidst a broader surge of interest among asset managers in cryptocurrency ETFs beyond just Bitcoin and Ethereum. Applications for funds based on various other cryptocurrencies, like Solana, Litecoin, and HBAR, have also emerged in recent weeks.Broader Trends in Cryptocurrency ETFs
Last week, for instance, Bitwise submitted an S-1 registration statement for its proposed Solana ETF, joining a wave of similar filings from companies such as VanEck, 21Shares, and Canary Capital. As developments continue to unfold in this dynamic space, the future of XRP ETFs remains an intriguing topic for investors and industry watchers alike. “`htmlSource: Cryptobriefing.com
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