Today, the Chicago Board Options Exchange (CBOE) moved closer to listing XRP ETFs by filing 19b-4 forms for Bitwise Investment, WisdomTree, 21Shares, and Canary Funds.
Details of the Filings
The filings were made directly to the US Securities and Exchange Commission (SEC), which now has 240 days to approve or deny them. The 19b-4 filings officially request SEC approval for rule changes that would allow these XRP ETFs to trade on the Cboe BZX Exchange.
Support for Ripple's Applications
All XRP ETF applications build on a July 2023 SEC ruling on Ripple, which stated XRP is not a security by itself. However, Ripple's institutional sales are still considered securities violations.
Prospects and Alternatives
XRP is in a unique spot compared to Bitcoin and Ethereum, lacking a futures market on the CME. The applicants propose alternatives like on-chain analytics and price tracking to mitigate fraud and manipulation.
The XRP ETF filings by CBOE heighten interest in this asset as they undergo the stringent SEC approval process. Whether successful or not, these moves may mark significant shifts in the crypto ETF market.
