XRP ETFs: A Step Closer to U.S. Approval with WisdomTree

New York-based asset manager WisdomTree, managing $113 billion in assets, has filed for an XRP Exchange-Traded Fund (ETF) in Delaware. This filing marks its first step toward obtaining approval from the U.S. Securities and Exchange Commission (SEC) as the firm expands its crypto investments. WisdomTree joins prominent companies like Bitwise, Canary Capital, 21Shares, and Grayscale in seeking SEC approval for XRP ETFs. However, the SEC has not approved any XRP ETFs to date. This delay follows Ripple’s partial legal victory in July 2023, when a federal judge ruled that XRP is not a security in retail sales.

Regulatory Challenges and Future Outlook

The SEC appealed this ruling on October 2, 2024, thereby pushing final decisions to 2025. Meanwhile, analysts anticipate a friendlier regulatory climate under Donald Trump’s administration following his 2024 presidential win. Furthermore, with SEC Chair Gary Gensler stepping down in January 2025, crypto supporters expect policies that will favor blockchain innovation.

Trump’s administration has expressed plans to boost crypto and blockchain growth, potentially paving the way for XRP ETF approvals. This could open doors for broader institutional adoption and new crypto-focused financial products.

WisdomTree’s Strategy and XRP’s Growing Momentum

In addition, WisdomTree already operates XRP and Ethereum Exchange-Traded Products (ETPs) in Europe, offering spot price exposure. By filing for an XRP ETF in the U.S., the firm aims to replicate its European success and capitalize on the growing American crypto market.

Hate it or love it, XRP is the most resilient Crypto asset around. https://t.co/KWfbYUJku8
— John E Deaton (@JohnEDeaton1) November 25, 2024

Renowned attorney and XRP advocate John Deaton praised XRP’s resilience, calling it “the most resilient crypto asset around.” His comments highlight XRP’s ability to thrive despite legal and regulatory hurdles.

XRP’s strength remains evident as it maintains relevance amid challenges and opportunities. With major firms like WisdomTree backing XRP, its potential for mainstream adoption gains momentum.

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— FXCryptoNews (@FXCryptoNews) December 14, 2023

The rise of XRP ETFs could solidify its position in blockchain-based finance, underscoring its enduring significance in the competitive crypto space.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.