As the CBOE promotes the SEC approval, the XRP Spot ETF can be released in the market soon.
CBOE BZX Exchange officially submits a list of XRP ETFs on the SEC to indicate the main progress in the Crypto ETF environment. The submitted by the 19B4 rules, this submitted is four companies that start exchange trading products that track the XRP, the fourth largest cryptocurrency through market capitalization on behalf of WisDomtree, Bitwise, 21Shares and Canary Capital.
This submission represents the second part of the second step process for starting the encryption ETF. After the SEC recognizes, the proposal is open to the Federal Registration Department and officially begins the approval process of the institution. Industry experts predict that the approval of the XRP Spot ETF can occur earlier this year through the professional creepto administration and the upcoming new SEC chairman.
“This exchange approves this proposal (and comparable proposal) that our investors who can access XRP in a regulated and transparent exchange transaction vehicle to limit the risk to US investors can access the XRP for our investors to access us XRP. I believe it provides opportunities to the committee.
Unlike previous encryption ETFs, XRP lacks the futures market established by the Chicago Mercantile Exchange (CME), a key element of SEC’s decision -making process for Bitcoin and Etherrium approval. In order to increase the possibility of approval, WisDomtree, one of the submitted companies, implements protection measures such as sourcing XRP in the second market, not Ripple Labs, and avoids direct relationships with the company in the legal battle of the SEC.
The company relies on the partial victory of the Ripple for the SEC
After Ripple Labs won partial legal victory in July 2023, interest in XRP ETF has increased, and has made a favorable ruling in ongoing SEC lawsuits. This legal result was referred to in the ETF application. As the approval process of ETF continues, there is a growing expectation that the wave of institutional investment can be poured into the market. The launch of the XRP ETF will provide more exposure to digital asset space for investors with similar products for the best cryptocurrency such as Solana. me