CBOE BZX Exchange has filed 19b-4 documents with the U.S. Securities and Exchange Commission (SEC) to introduce four separate ETFs based on XRP. These filings could be a significant step toward launching the first spot XRP ETFs in the U.S.
Details on the 19b-4 Filing
A 19b-4 filing is an official request to change a rule with the SEC, allowing companies to propose new investment products such as ETFs. In this case, the filings indicate asset managers' intent to offer XRP-based ETFs, which would track the price of the cryptocurrency. If approved, this would mark a milestone for the crypto market, bringing the first spot XRP ETFs to the U.S.
The Four Asset Managers Involved
The four asset managers involved are experienced in the ETF space: Bitwise, 21Shares, Canary Capital, and WisdomTree. Each of these companies had already submitted S-1 filings, the initial step in the ETF registration process, prior to the 19b-4 filings.
The SEC’s Changing Approach
The SEC has historically been cautious in approving crypto ETFs beyond Bitcoin and Ether. However, recent shifts in SEC leadership suggest a possible change in direction. The appointment of Mark Uyeda as acting Chair and Hester Peirce's efforts in forming a new crypto task force signal changes in the SEC’s approach.
While the 19b-4 filings are a positive sign, they do not guarantee approval. The SEC will review these filings and may open the process for public comments. The SEC’s decision will be crucial for the future of XRP and the wider cryptocurrency industry.
