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Highlights
- The 19b-4s for XRP ETF of Canary Capital, Bitwise, 21Shares and WisdomTree now lodged with US SEC
- This filing precedes the S-1 filing for the asset managers
- Interests in crypto ETF products now increasing amid changing regulations
CBOE BZX Exchange has filed 19b-4 applications for top asset managers pushing for XRP ETF with the US Securities and Exchange Commission (SEC). Specifically, the 19b-4s belong to Bitwise, Canary Capital, 21Shares and WisdomTree.
XRP ETF One Step Closer to US SEC Approval
According to 19b-4, the XRP ETF products from these firms will conform to the BZX Rule 14.11(e)(4). The 19b-4s are generally considered the next step in the push toward approving the proposed rule change from the issuers.
As Fox Business Journalist Eleanor Terrett said on X, This 19b-4 is an official notification for the SEC to permit listing the XRP ETFs on Cboe. Should the markets regulator acknowledge this filing, the 240-day countdown to approval will begin.
According to market analysts, the chances of acknowledgment are high, considering the commission recently acknowledged related 19b-4 from Grayscale Investments.
Beyond XRP, Other Crypto ETFs in the Spotlight
Noteworthy, XRP ETFs are not the only investment proposals gaining attention now. Exchange Traded Fund products billed to track the price of Litecoin (LTC) are now also in the spotlight.
In a recent move, the US SEC has started reviewing the Canary Capital spot Litecoin ETF application. Analysts now project that this can soon push Litecoin to $50 if approved.
In addition, the US SEC has requested public comment on the Litecoin ETF proposal submitted by Grayscale Investments, signaling the official start of the approval process. These comments are expected to arrive within 21 days of the proposal’s publication in the Federal Register.
Beyond XRP and Litecoin ETFs, asset managers in the US are also teasing the SEC for a variant of altcoin-focused funds. Some altcoins and memecoins listed thus far include Solana, Dogecoin, Hedera, Cardano, TRUMP, and even Polkadot.
Despite the high hopes of approval for XRP and Solana ETFs, analysts believe issuers are trying to test the limits of the market regulator.
Improving Regulations at the US SEC
The growing list of crypto ETFs in the US is encouraged by the favorable administration in the region.
Donald Trump’s inauguration into office has been pivotal to the uplifted atmosphere in the digital asset sector. Crypto-inclined Republican Mark Uyeda took over from Gary Gensler as the leader of the US SEC. Thus far, he has already started implementing favorable measures like launching a crypto task force to help shape policies for the sector.
Though the trajectory of the crypto ecosystem in the US has changed, especially with the appointment of these crypto-friendly leaders, there is still no certainty that the SEC will completely greenlight all crypto-related ETF offerings on its table.
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