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SEC formally accepts CoinShares XRP ETF applications for review
The US Securities and Exchange Commission (SEC) has officially acknowledged Nasdaq’s filing for the CoinShares XRP ETF, marking the beginning of a 21-day public comment period. This development allows the agency to evaluate whether to approve, disapprove, or initiate proceedings after the comment period concludes.
This acknowledgment represents the second phase in the two-step process for proposing crypto ETFs to the regulatory body. The SEC has already acknowledged spot XRP ETF applications from 21Shares, Grayscale, and Bitwise, while submissions from Canary Capital and WisdomTree remain pending acknowledgment.
The approval follows the SEC’s recent greenlighting of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July. A newly formed crypto task force, led by Republican SEC Commissioner Hester Peirce, will assess which crypto assets qualify as securities among other responsibilities.
Bloomberg analysts estimate a 65% probability of XRP exchange-traded products approval, citing the SEC’s recent approvals of Bitcoin and Ethereum ETFs.
XRP currently trades at $2.5 and ranks as the third-largest crypto asset by market capitalization, according to CoinGecko data.
Source: cryptobriefing.com
