- Cboe submitted four 19b-4 application forms to the SEC seeking approval for XRP ETFs
- The SEC has 240 days to approve these new financial products
- XRP’s regulatory clarity remains a significant hurdle for ETF approval
XRP exchange-traded funds are now closer than ever before to becoming a real thing. Just this week, Chicago Board Options Exchange (Cboe) submitted four different 19b-4 application forms to the Securities and Exchange Commission—looking to approve XRP ETF applications.
As reported by Eleanor Terret, the list includes household names in the crypto industry, Bitwise, Investment, 21Shares, Canary Funds, and WisdomTree. Once the SEC acknowledges the filings, the commission will have 240 days to approve the new financial products.
While the filing does not guarantee approval—the recently approved filings by the SEC make the potential for XRP ETF filings extremely optimistic. Just this month, the Commission approved 19b-4 filings for Canary Funds and Grayscale to offer Litecoin ETFs.
One thing that may get in the way of approval is the fact that XRP still lacks regulatory clarity about what they are. While the filings cite the 2023 New York Judge ruling that the altcoin is “not a security”, the legal case is still ongoing, expected to reach a conclusion this year.
XRP Erases ATH Run, Down 25% In the Week
Ripple Labs’ altcoin is arguably one of the most affected by this week’s bearish downturn in the market. Heavily affected by the potential trade war between the U.S. and China, digital assets as a whole have halted their upward progress in anticipation of potential issues in the American economy.
As of February 6, XRP trades at $2.33 per token, down 2.29% in the day and 25.95% in the week. Moreover, this recent downtrend has erased the gains seen on the January 16 surge to an all-time high—returning its value to the same level that the altcoin traded back in November.
New ETF filings and a potential resolution to the U.S.-China conflict could cause the altcoin to revert back to near the $3.38 ATH level. While that unfolds, investors are advised to keep a close eye on market developments.
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