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CoinShares is expanding its crypto investment options by filing for spot XRP and Litecoin ETFs, marking a significant move in the evolving digital asset market. With the new SEC leadership’s crypto-friendly stance, the approval process for these applications could accelerate. However, the ongoing Ripple vs. SEC lawsuit remains a critical factor in determining the future of XRP ETFs.
CoinShares’ Ambitious XRP ETF Application
Leading digital asset management firm CoinShares has submitted a spot XRP ETF application to the U.S. Securities and Exchange Commission (SEC). The firm aims to launch a physically-backed ETF based on XRP, highlighting its efforts to diversify digital asset investment options. This move comes on the heels of increased interest in crypto investments following the approval of Bitcoin and Ethereum spot ETFs.
In addition to the XRP ETF, CoinShares has also filed for a spot Litecoin ETF, further demonstrating the growing demand for crypto-based funds. Meanwhile, other industry giants like Grayscale Investments have submitted applications to convert their existing Solana Trust (GSOL) and Litecoin Trust into spot ETFs. BlackRock has also made waves by proposing updates to its iShares Bitcoin Trust (IBIT), introducing a new creation and redemption process.
Will SEC’s Leadership Change Speed Up ETF Approvals?
The recent change in SEC leadership has fueled optimism among crypto investors regarding the ETF approval process. Following the resignation of former SEC Chair Gary Gensler, crypto advocate Paul Atkins has emerged as a leading candidate for the position. Under this new leadership, SEC Commissioner Hester Peirce has spearheaded the formation of a cryptocurrency task force aimed at simplifying registration procedures, improving disclosure requirements, and enhancing regulatory tools. These developments could increase the likelihood of approval for altcoin ETFs like XRP.
Ripple Lawsuit’s Impact on the XRP ETF
While CoinShares’ XRP ETF application is underway, Ripple Labs remains embroiled in a legal battle with the SEC over whether XRP should be classified as a security. This lawsuit could directly impact the ETF’s approval timeline. Ripple has requested an extension for the appeal process until April 16, raising questions about the case’s resolution.
Legal experts speculate that under Paul Atkins’ pro-crypto leadership, the SEC might seek a settlement or withdraw the appeal process altogether. Such an outcome could eliminate regulatory uncertainties surrounding XRP and expedite the ETF approval process.
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