The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Cboe BZX’s request to list 21Shares' XRP exchange-traded fund (ETF), marking a significant step for U.S. exchanges seeking to introduce spot XRP ETFs. This acknowledgment, documented in a Feb. 14 regulatory filing, signals a potential shift in the SEC’s stance on cryptocurrency investments.
Cboe’s filing, submitted on Feb. 6, includes applications for four separate spot XRP ETFs, including the 21Shares Core XRP Trust. The move follows a broader push within the crypto industry to secure approval for a variety of digital asset investment products, particularly after the success of Bitcoin (BTC) and Ethereum (ETH) ETFs in the U.S.
🔥 JUST IN: @21Shares has filed for an $XRP ETF with @CBOE pic.twitter.com/LYZRyiJI6B
— Crypto Briefing (@Crypto_Briefing) February 6, 2025
The SEC’s acknowledgment doesn’t equate to approval but does initiate the formal review process. Once published in the Federal Register, the filing will undergo a 21-day public comment period before the SEC makes an initial decision, which could take up to 240 days.
The acknowledgment comes against the backdrop of Ripple’s ongoing legal battle with the SEC. The regulator sued Ripple in 2020, alleging that XRP was issued as an unregistered security. A partial court ruling in August 2023 determined that while XRP is not inherently a security, it could be classified as one under certain conditions. This ruling has paved the way for XRP’s potential inclusion in the growing roster of crypto ETFs, particularly as a commodity trust, similar to Bitcoin and Ethereum ETFs.
Trump Administration’s Crypto-Friendly Influence
The renewed push for crypto ETFs coincides with President Donald Trump’s second term, during which his administration has signaled a more accommodating stance on digital assets. Trump's promise to position the U.S. as a leader in the crypto industry has encouraged issuers to file a surge of ETF applications, including products for altcoins such as Solana (SOL) and Litecoin (LTC), as well as meme-based cryptocurrencies like Dogecoin (DOGE).
Beyond XRP, the SEC has recently acknowledged ETF proposals from other major players, including Grayscale and Bitwise, adding to an increasingly competitive landscape. Analysts at Bloomberg Intelligence estimate a 65% chance of approval for XRP ETFs, reflecting growing optimism in the market. However, some experts caution that demand must match supply to avoid market saturation and potential investor disappointment.
NEW: @EricBalchunas and I took a look at the filings for spot crypto ETFs. We're putting out relatively high odds of approval across the board. Mainly focused on Litecoin, Solana, XRP, and Dogecoin for now.
— James Seyffart (@JSeyff) February 10, 2025
Here's the table with the odds and some other details: pic.twitter.com/xaXaNXLb0M
Additionally, existing crypto ETFs, such as those tracking Bitcoin and Ethereum, are now exploring new features like staking and in-kind redemptions, signaling further innovation in the sector. Meanwhile, issuers are also vying to launch crypto index ETFs that would offer diversified exposure to multiple digital assets.
HODL Team
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