- MEMX filed with the SEC to list 21Shares XRP ETF as a commodity-based trust, which puts XRP alongside Bitcoin and Ether ETFs.
- The announcement follows 21Shares’ Core XRP ETF application on November 4, 2024.
U.S. securities exchange, MEMX, requested the SEC’s approval to list ERP Exchange-Traded Fund (ETF) as a “Commodity-Based Trust,” a filing revealed.
The move reflects a growing urge to introduce ETFs with Ripple’s native token, spot XRP. The filing also highlights the SEC’s shifting stance on cryptocurrency as President Donald Trump commences his second term.
Brad Garlinghouse, the chief executive of Ripple, stated that XRP ETF’s approval was “inevitable” in the US. If approved, the XRP commodity trust would align with Ether and Bitcoin ETFs. Other exchanges, such as Cboe BZX, have also applied for spot XRP ETFs.
See Related: 21Shares Files For Spot XRP ETF, Following Bitcoin Success
Implication Of XRP ETF Approval On The Crypto Market
XRP ETF approval could positively impact the crypto market by attracting institutional investments and increasing XRP’s legitimacy and liquidity.
However, the acceptance of the XRP ETF carries regulatory implications, as it could lead to more crypto-friendly financial institutions.
According to Jason Calacanis, an angel investor and American entrepreneur, most crypto OGs consider XRP to be the opposite of Bitcoin. He claims the securities regulations could be worthless if the SEC approves XRP ETF.
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