CBOE BZX Exchange has submitted 19b-4 documents to the US Securities and Exchange Commission (SEC) to initiate the listing process for the first spot ETFs based on the cryptocurrency XRP in the US.
19b-4 Filings and Their Importance
19b-4 filings are used to submit an official request to change SEC rules. This step shows asset managers' intention to offer spot ETFs based on XRP, which will track the price of the cryptocurrency XRP. Approval by the SEC will be a significant milestone for the crypto market.
Participants in the Process
Four companies are involved in the filings: Bitwise, 21Shares, Canary Capital, and WisdomTree. All of them are experienced in working with ETFs and are aiming to introduce XRP ETFs. Each company has already submitted an S-1 filing, which is the initial step in ETF registration.
SEC's Approach to Crypto ETFs
Historically, the SEC has been cautious about approving crypto ETFs, but recent leadership changes in the agency may indicate a shift. New SEC Chair Mark Uyeda demonstrates a more open position on crypto ETFs, which could lead to clearer guidelines for their approval.
The 19b-4 filings by CBOE BZX are an important step for the development of the spot XRP ETF market in the U.S. The SEC's decision will be crucial for the future of XRP and the entire cryptocurrency industry.
