MEMX, a U.S. securities exchange, has filed an application with the Securities and Exchange Commission (SEC) to list the 21Shares XRP ETF. The proposed ETF will be organized as a “Commodity-Based Trust,” which has already been used for Bitcoin and Ethereum ETFs. This move follows a growing trend of crypto ETF filings amid shifting regulatory sentiment under the incoming government.
The filing comes after Cboe BZX recently listed four spot XRP ETFs, including the 21Shares Core XRP Trust. This evolution tracks the shifting regulatory environment under the incoming government, as XRP’s classification as a commodity aligns it with existing spot Bitcoin and Ether ETFs.
This application marks another effort by U.S. exchanges to list ETFs that include SEC sued XRP, the native token of Ripple’s XRP Ledger blockchain. This development highlights the SEC’s shift in stance on cryptocurrencies, particularly since the agency acknowledged a similar filing by Cboe BZX to list four spot XRP ETFs, including 21Shares’ product.
If approved, the 21Shares XRP ETF would allow investors to gain exposure to XRP through a more traditional investment vehicle, similar to how they can invest in other cryptocurrencies like Bitcoin and Ethereum.
The move to list an XRP ETF comes as the cryptocurrency market continues to grow and evolve. The SEC has been grappling with how to regulate cryptocurrencies, and the agency’s decisions on these ETF applications will be closely watched by the cryptocurrency community.
This filing further solidifies the growing trend of institutional interest in cryptocurrencies, as ETFs provide a more accessible and regulated entry point for institutional investors.
