The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Cboe BZX’s request to list an XRP exchange-traded fund (ETF) from asset manager 21Shares, according to a regulatory filing dated Feb. 14.
This acknowledgment marks a step forward for U.S. exchanges looking to introduce ETFs backed by spot XRP, the native token of Ripple’s XRP Ledger. It also signals a potential shift in the SEC’s stance on crypto regulation as President Donald Trump embarks on his second term.
The SEC initially sued Ripple in 2020, arguing that XRP was issued as an unregistered security. However, in August, a U.S. judge ruled that while XRP is not inherently a security, it could be classified as one under certain conditions.
If approved, 21Shares’ XRP ETF would be categorized as a commodity trust, similar to the existing spot Bitcoin (BTC) and Ether (ETH) ETFs that launched in the U.S. last year.
21Shares initially filed for the Core XRP Trust ETF in November, just before Trump secured victory in the Nov. 5 election. Trump has expressed strong support for the crypto industry, pledging to position the U.S. as a global leader in the sector and appointing regulators with pro-crypto views.
On Feb. 6, Cboe submitted applications to list four spot XRP ETFs, including the 21Shares Core XRP Trust.
Surge in Crypto ETF Filings
With expectations of a more favorable regulatory environment under the Trump administration, issuers have submitted filings for numerous crypto ETFs. These include funds tied to memecoins like Dogecoin (DOGE), Official Trump (TRUMP), and Bonk (BONK), as well as ETFs for altcoins such as Solana (SOL) and Litecoin (LTC).
Meanwhile, established spot Bitcoin and Ethereum ETFs are pushing for new features, such as staking and in-kind redemptions. Several crypto index ETFs, designed to offer exposure to a basket of digital assets, are also pending approval.
In a milestone for the industry, the first spot crypto index fund, the Hashdex Nasdaq Crypto Index US ETF, began trading on Nasdaq on Feb. 14.
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