CBOE BZX Exchange has taken a significant step toward launching XRP-based ETFs by filing with the SEC. These ETFs could be the first of their kind in the U.S.
What is a 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 the intent to offer XRP-based ETFs, which would track the price of XRP, the fourth-largest cryptocurrency by market value.
The Four Asset Managers Involved
The filing involves four major asset managers: Bitwise, 21Shares, Canary Capital, and WisdomTree. Each had previously submitted registration forms (S-1) for XRP-based ETFs, and the current filing is a step further in this process.
The SEC’s Changing Approach
Historically, the SEC has been cautious about approving crypto ETFs, especially for assets other than Bitcoin and Ether. However, with Mark Uyeda as acting Chair and the establishment of a new crypto task force led by Hester Peirce, the agency's approach may be changing.
The 19b-4 filings themselves do not guarantee approval. Nonetheless, this step is significant for both the future of XRP and the wider cryptocurrency industry in the U.S.
