WisdomTree has filed with the SEC to establish an XRP-based exchange-traded fund, entering the crypto asset management space.
Application for XRP ETF
WisdomTree filed an S-1 registration statement with the SEC for a spot XRP exchange-traded fund. This highlights the asset manager's efforts to engage in the expanding market of XRP-based investment products.
Role of Bank of New York Mellon
According to the December 2 filing, Bank of New York Mellon will serve as the administrator for the proposed trust. The planned ETF aims to track XRP’s price, currently ranked as the third-largest crypto asset by market value.
Prospects for XRP ETF
By filing, WisdomTree joins asset managers such as Bitwise and Canary Capital who have also applied for XRP ETFs earlier this year. Uncertainty remains over the SEC's stance on XRP, particularly given Ripple Labs' ongoing legal disputes with the regulator. Experts suggest that the imminent resignation of SEC Chair Gary Gensler could lead to a shift in the agency's approach to such legal issues.
The situation with XRP ETFs remains uncertain, though changes in SEC leadership could foster a more favorable environment for fund launches.
