Spot

21Shares, a crypto investment firm, is making waves in the crypto market by seeking regulatory approval for a spot XRP exchange-traded fund (ETF). This move aligns with a growing trend among various firms eager to expand their crypto offerings in the wake of recent SEC approvals. 
<h2 id="b-paving-the-way-for-the-21shares-core-xrp-trust-b">Paving the Way for the 21Shares Core XRP Trust</h2> 
On Friday, 21Shares submitted its S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) for the 21Shares Core XRP Trust. This ETF aims to provide a seamless way for investors to access XRP, with plans to trade it on the Cboe BZX Exchange. Coinbase Custody Trust Company will safeguard the assets, enhancing the trustworthiness of the offering. 
A spokesperson from 21Shares expressed the firm’s commitment to improving access for U.S. investors in the crypto asset class. The spokesperson emphasized expanding opportunities and fostering innovation, aiming for a future where digital currencies are accessible. 
<h2 id="b-the-crypto-etf-race-intensifies-b">The Crypto ETF Race Intensifies</h2> 
The pursuit of crypto ETFs has gained significant traction over the past year. Following the SEC’s approval of spot Bitcoin and Ethereum ETFs, competition has intensified. In January, the SEC approved 11 spot Bitcoin ETFs and subsequently greenlit eight Ethereum ETFs.&nbsp; 
This development has prompted a flurry of applications for other cryptocurrencies. Firms like VanEck have already filed for a Solana ETF, while 21Shares has joined the race for a spot in <a href="https://thecoinrise.com/canary-capital-files-for-spot-ripple-etf-with-the-sec/">XRP ETF alongside others like Canary Capital</a> and Bitwise. 
However, the road to a spot XRP ETF has its challenges. The SEC has yet to approve this type of ETF, largely due to the ongoing legal battle with Ripple Labs, which complicates the approval process. 
<h2 id="b-ripple-s-legal-showdown-will-it-impact-the-xrp-etf-b">Ripple’s Legal Showdown: Will It Impact the XRP ETF?</h2> 
<a href="https://thecoinrise.com/lawyer-unveils-winning-strategy-for-ripple-to-outsmart-the-sec/">The legal dispute between the SEC and Ripple</a> significantly influences the potential approval of a spot XRP ETF. The SEC alleges that Ripple raised $1.3 billion by selling XRP, labeling it an unregistered security.&nbsp; 
This ongoing lawsuit has seen key developments, including a ruling by U.S. District Court Judge Analisa Torres over a year ago. In her ruling, Torres determined that Ripple’s programmatic sales of XRP did not breach securities laws. However, she ruled that direct sales to institutional investors did constitute securities. 
In a recent turn of events, <a href="https://thecoinrise.com/ripples-allegedly-pays-us-secs-fine-tron-and-intel-markets-prepare-for-massive-rally/">Judge Torres ordered Ripple to pay $125 million in fines</a>, and both parties are appealing aspects of her ruling. This legal uncertainty continues to loom over the prospects for a spot XRP ETF and the broader implications for XRP as a digital asset. 
The post <a href="https://thecoinrise.com/21shares-eyes-spot-xrp-etf-amid-regulatory-uncertainty/">21Shares Eyes Spot XRP ETF Amid Regulatory Uncertainty</a> appeared first on <a href="https://thecoinrise.com/">TheCoinrise.com</a>.

21Shares Eyes Spot XRP ETF Amid Regulatory Uncertainty

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