Another Company Files for XRP ETF, Increasing Pressure on SEC

21Shares has taken a significant step by submitting a proposal to the U.S. Securities and Exchange Commission (SEC) for an XRP exchange-traded fund (ETF).

This move adds more pressure on the SEC to address the backlog of similar applications from various asset managers seeking to launch XRP ETFs.

The proposed fund, named the “21Shares Core XRP TRUST,” aims to track the performance of XRP, giving institutional investors a pathway to engage with this cryptocurrency. With this filing, 21Shares joins other firms like Bitwise and Canary Capital, which have also put forth registration statements for XRP ETFs.

Previously, 21Shares had attempted to introduce a Spot Solana ETF, but that application faced rejection due to regulatory uncertainties surrounding Solana’s classification. In contrast, the current application for the XRP ETF is bolstered by recent regulatory clarity, as Judge Analisa Torres ruled that XRP is not classified as a security.

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Furthermore, the SEC did not contest this ruling in its appeal against Ripple, which suggests an acceptance of XRP’s status. Notably, 21Shares’s filing comes shortly after the Court of Appeals issued its first order in the ongoing XRP litigation.

It’s also important to highlight that 21Shares has a presence in the XRP market, as it already manages the 21Shares Ripple XRP ETP (AXRP), a crypto ETF based in Switzerland that tracks XRP’s performance and offers investors exposure to the digital asset.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.