{"id":174251,"date":"2024-11-01T18:16:48","date_gmt":"2024-11-01T18:16:48","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=174251"},"modified":"2024-11-01T18:16:52","modified_gmt":"2024-11-01T18:16:52","slug":"21shares-pushes-forward-with-new-spot-xrp-etf-proposal-token-soars","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/21shares-pushes-forward-with-new-spot-xrp-etf-proposal-token-soars\/","title":{"rendered":"21Shares Pushes Forward with New Spot XRP ETF Proposal: Token Soars!"},"content":{"rendered":"<p style=\"text-align: justify\">TL;DR<\/p>\n<ul>\n<li style=\"text-align: justify\">21Shares requests SEC <strong>approval for an XRP ETF<\/strong>, aiming to expand regulated access to cryptocurrencies.<\/li>\n<li style=\"text-align: justify\">The XRP ETF would be listed on Cboe BZX, with <strong>Coinbase Custody Trust<\/strong> as the fund&#8217;s custodian.<\/li>\n<li style=\"text-align: justify\">Approval faces challenges due to the ongoing <strong>legal dispute between the SEC and Ripple<\/strong> over XRP sales as unregistered securities.<\/li>\n<\/ul>\n<hr \/>\n<p style=\"text-align: justify\">Investment firm <strong>21Shares<\/strong> <strong>has <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2028835\/000121390024093305\/ea0219336-01.htm\" target=\"_blank\" rel=\"noopener\">filed<\/a> for approval<\/strong> with the U.S. Securities and Exchange Commission (SEC) for a <strong>spot exchange-traded fund (ETF) based on <a href=\"https:\/\/crypto-economy.com\/ripple\/\" target=\"_blank\" rel=\"noopener\">XRP<\/a><\/strong>, called the <strong>21Shares Core XRP Trust<\/strong>.<!--more--><\/p>\n<p style=\"text-align: justify\">This initiative aims to capitalize on interest in cryptocurrency-linked financial products and provide investors <strong>access to the XRP market through a regulated mechanism<\/strong>. The ETF would be listed on the <strong>Cboe BZX Exchange<\/strong> and held in custody by <strong>Coinbase Custody Trust Company<\/strong>, a recognized custodian in the crypto industry.<\/p>\n<h3 style=\"text-align: justify\">XRP on the Rise<\/h3>\n<p style=\"text-align: justify\">Following 21Shares&#8217; announcement, the value of <strong><a href=\"https:\/\/coinmarketcap.com\/currencies\/xrp\/\" target=\"_blank\" rel=\"noopener\">XRP<\/a> rose by 1.6%,<\/strong> notably on a day when the broader market was trending down. Its market capitalization exceeded <strong>$29.3 billion<\/strong>, and volume increased by <strong>35.5%<\/strong>, surpassing <strong>$1.3 billion.<\/strong><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-93035\" src=\"https:\/\/crypto-economy.com\/es\/\/wp-content\/uploads\/sites\/4\/2024\/11\/xrp-post-cmc.jpg\" alt=\"xrp cmc post 21shares etf\" width=\"825\" height=\"406\" \/><\/p>\n<p style=\"text-align: justify\">Multiple firms have intensified competition to offer crypto ETFs in the U.S., particularly since the SEC approved the first ETFs of this kind in early 2024. In January, <strong>eleven spot Bitcoin ETFs<\/strong> entered the market, and shortly after, the SEC approved <strong>eight Ethereum ETFs<\/strong>.<\/p>\n<h2>21Shares Joins the Institutional Frenzy for Crypto ETFs<\/h2>\n<p style=\"text-align: justify\">Additionally, other companies have filed for ETFs tied to less conventional cryptocurrencies, such as the <strong>Solana ETF proposed by VanEck<\/strong> in June and the <strong><a href=\"https:\/\/crypto-economy.com\/what-is-litecoin\/\" target=\"_blank\" rel=\"noopener\">Litecoin<\/a> ETF<\/strong> filed last month by <strong>Canary Capital<\/strong>. This reflects a notable shift in financial institutions\u2019 stance towards the <strong>inclusion of digital assets<\/strong> in traditional markets.<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-93040 size-full\" src=\"https:\/\/crypto-economy.com\/es\/\/wp-content\/uploads\/sites\/4\/2024\/11\/21shares-post-1.jpg\" alt=\"21shares post\" width=\"825\" height=\"407\" \/><\/p>\n<p style=\"text-align: justify\">Despite anticipation surrounding a potential XRP ETF, its approval remains uncertain, especially due to the <strong>ongoing legal battle between the SEC and Ripple<\/strong>, the cryptocurrency&#8217;s issuer.<\/p>\n<h3 style=\"text-align: justify\">The Legal Conflict Between the SEC and Ripple<\/h3>\n<p style=\"text-align: justify\">The SEC has argued that Ripple raised <strong>$1.3 billion<\/strong> through XRP sales, which it considers <strong>unregistered securities<\/strong>. The legal dispute has led to <strong>conflicting court decisions<\/strong>. In one instance, U.S. District Judge Analisa Torres ruled that XRP\u2019s programmatic sales through a blind bidding process <strong>did not violate securities laws<\/strong>, while other direct sales to institutional investors <strong>were deemed securities<\/strong>. Consequently, Ripple was <strong>fined $125 million<\/strong>, and both Ripple and the SEC are appealing certain parts of this decision.<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-76248 size-full\" src=\"https:\/\/crypto-economy.com\/es\/\/wp-content\/uploads\/sites\/4\/2023\/12\/Ripple-Sec.jpg\" alt=\"ripple vs sec\" width=\"825\" height=\"300\" \/><\/p>\n<p style=\"text-align: justify\">The interest of 21Shares and other firms, like Canary Capital and Bitwise, in an XRP ETF underscores the trend toward institutionalization in the crypto market despite regulatory hurdles. The lack of clarity in U.S. cryptocurrency regulations continues to generate uncertainty in the market, yet 21Shares&#8217; initiative could set a precedent if it gains regulatory approval<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR 21Shares requests SEC approval for an XRP ETF, aiming to expand regulated access to cryptocurrencies. The XRP ETF would be listed on Cboe BZX, with Coinbase Custody Trust as the fund&#8217;s custodian. Approval faces challenges due to the ongoing legal dispute between the SEC and Ripple over XRP sales as unregistered securities. Investment firm &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"21Shares Pushes Forward with New Spot XRP ETF Proposal: Token Soars!\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/21shares-pushes-forward-with-new-spot-xrp-etf-proposal-token-soars\/#more-174251\" aria-label=\"More on 21Shares Pushes Forward with New Spot XRP ETF Proposal: Token Soars!\">Read more<\/a><\/p>\n","protected":false},"author":34,"featured_media":174252,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[90,70,74],"tags":[4620,4656,4924,4805,4816,4918],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/174251"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=174251"}],"version-history":[{"count":1,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/174251\/revisions"}],"predecessor-version":[{"id":174253,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/174251\/revisions\/174253"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/174252"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=174251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=174251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=174251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}