The U.S. Securities and Exchange Commission (SEC) has formally accepted Nasdaq’s filing for the CoinShares XRP exchange-traded fund (ETF), marking a significant step in the regulatory process. The acknowledgment initiates a 21-day public comment period, following its publication in the Federal Register.
This development moves the application into the second phase of the SEC’s two-step process for evaluating crypto-based ETFs. After the comment period, the SEC will determine whether to approve, reject, or initiate further proceedings on the application.
Growing Momentum for XRP ETFs
The CoinShares XRP ETF is among several spot XRP ETF applications currently under SEC review. The agency has already acknowledged submissions from 21Shares, Grayscale, and Bitwise, while filings from Canary Capital and WisdomTree remain pending.
This momentum follows the SEC’s landmark approvals of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July 2024, signaling an evolving stance on cryptocurrency-based financial products.
A newly established crypto task force, led by Republican SEC Commissioner Hester Peirce, is also set to assess which crypto assets qualify as securities—a decision that could have long-term implications for ETF approvals and regulatory clarity.
Bloomberg Analysts: 65% Chance of XRP ETF Approval
According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, there is a 65% probability that XRP exchange-traded products will receive approval from the SEC.
XRP is currently trading at $2.50, making it the third-largest cryptocurrency by market capitalization, according to CoinGecko data.
CoinShares Expands U.S. Presence with ETF Filings
Nasdaq recently submitted regulatory documentation to the SEC for both an XRP ETF and a Litecoin ETF, both sponsored by CoinShares. These filings come as the European digital asset investment firm seeks to expand its U.S. footprint.
CoinShares filed 19b-4 forms for both products, following its S-1 filing submission last month, setting the stage for a potential expansion of cryptocurrency ETFs in the United States.
As the SEC continues its review process, the outcome of these applications could set a precedent for further institutional adoption of digital assets through regulated investment vehicles.
