CBOE BZX Exchange has filed 19b-4 documents with the SEC to introduce spot XRP ETFs in the U.S., marking a potential milestone for the crypto space.
What is a 19b-4?
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 asset managers’ intent to offer XRP-based ETFs, letting investors track the price of XRP.
The Four Asset Managers
Behind the filings are four notable asset managers: Bitwise, 21Shares, Canary Capital, and WisdomTree. Each had previously submitted Form S-1 filings before the 19b-4 filings were made.
The SEC’s Changing Approach
Under new leadership from Mark Uyeda and Hester Peirce, the SEC's approach to crypto ETFs may be evolving. Peirce has expressed the aim to clarify which 'crypto assets' qualify as securities.
While the 19b-4 filings are promising, they do not guarantee approval. The SEC will review them and could open for public comments, crucial for XRP's future and the broader crypto industry.
