21Shares has filed an amended prospectus for its proposed spot XRP ETF, initiating a 20-day countdown for potential SEC approval. Canary Capital Group, another XRP ETF issuer, has also entered the 20-day window for its ETF filing, increasing the likelihood of approval.
What to Know:
- 21Shares has filed an amended prospectus for its proposed spot XRP ETF, initiating a 20-day countdown for potential SEC approval.
- Canary Capital Group, another XRP ETF issuer, has also entered the 20-day window for its ETF filing, increasing the likelihood of approval.
- Optimism around XRP ETFs is growing, boosted by Ripple’s recent partnerships and milestones, including a new stablecoin.
The race for a spot XRP ETF is heating up as 21Shares recently filed an amended prospectus, signaling progress toward potential SEC approval. This move triggers an automatic 20-day effectiveness countdown for their spot XRP ETF, putting pressure on regulators. The potential approval of such an ETF could significantly impact the XRP market and broader crypto investment landscape.
Issuers are strategically filing amendments that include “no delaying amendment” language. This clever move means that under U.S. securities law, the filings automatically become effective after 20 days. Unless the SEC intervenes with a stay or requests changes, the XRP ETF could launch sooner than anticipated.
Canary Capital Group is also in the running, with their ETF filing having entered the same 20-day window. Their proposed XRP ETF would trade on Nasdaq under the ticker XRPC. Gemini Trust Company and BitGo Trust Company are slated to handle custody of the XRP, using the CoinDesk XRP CCIXber 60m New York Rate as its pricing benchmark.
The positive sentiment surrounding XRP ETFs aligns with Ripple’s recent successes. These include new partnerships with Mastercard and WebBank for RLUSD settlement, along with the XRP Ledger surpassing 100 million ledgers. Ripple’s stablecoin, RLUSD, has also crossed the $1 billion milestone, showcasing the growing utility and adoption of the XRP ecosystem.
The potential launch of a spot XRP ETF could mark a significant milestone for the cryptocurrency industry. It may attract institutional investors seeking exposure to XRP through a regulated investment vehicle, potentially driving demand and further legitimizing the asset class. Investors and traders will closely watch regulatory developments in the coming weeks.
Related: XRP Price: $12M Max Pain for Bears
Source: Original article
Quick Summary
21Shares has filed an amended prospectus for its proposed spot XRP ETF, initiating a 20-day countdown for potential SEC approval. Canary Capital Group, another XRP ETF issuer, has also entered the 20-day window for its ETF filing, increasing the likelihood of approval.
Source
Information sourced from official Ripple publications, institutional research, regulatory documentation and reputable crypto news outlets.
Author
Ripple Van Winkle is a cryptocurrency analyst and founder of XRP Right Now. He has been active in the crypto space for over 8 years and has generated more than 25 million views across YouTube covering XRP daily.
Editorial Note
Opinions are the author's alone and for informational purposes only. This publication does not provide investment advice.
