Main to remember
- Four main asset managers filed XRP ETF spot requests from the SEC.
- The SEC decision could create a precedent for future Crypto ETF applications.
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The race to launch an XRP ETF spot in the United States is officially activated. The CBOE Exchange submitted four distinct 19B-4 forms with the Dry, looking The approval of a change of rule to list and exchange the actions of the XRP ETF spot of Wisdomtree, Bitwise, 21Shares and Canary.
Assets managers new The deposits follow their S-1 submissions last year, with the bit or by opening the way. These come after Bitcoin and ETHEREUM ETHE have been approved in early 2024.
Unlike Bitcoin and Ethereum, XRP still lacks final regulatory clarity. The legal battle of Ripple Labs with the dry continues, the dry appealing the dry c. Ripple Labs who was heading for the second circuit. The SEC seeks to cancel the decision of the lower court according to which programmatic sales to retail investors did not constitute offers of investment contracts.
In their deposits today, all candidates use the decision of July 2023 sec c. Ripple Labs – which revealed that XRP is not security – to support their argument that XRP does not respond to the legal definition of security.
“In light of these factors and in accordance with an applicable legal precedent, in particular as applied in dry c. Ripple Labs, the sponsor considers that he applies the appropriate legal norms to determine in good faith that he considers that XRP is not in these circumstances a security under the federal law in the light of the inherent uncertainties application The Howey and Singled Tests, ”says the file.
Despite the lack of a CME’s term market – a historic SEC requirement for ETF approvals – candidates argue that alternative measures, such as chain analysis, price monitoring and analysis of the structure of the structure of the structure of the structure of the structure of market, offer sufficient protection against fraud and manipulation.
They also highlight an approach to the secondary market, noting that ETFs would obtain XRP from scholarships and trading platforms, rather than directly from Ripple Laboratories, where the SEC previously identified the violations of the securities law.
THE The 19B-4 deposit is a regulatory requirement for new Lists of ETFs. The dry has 45 days from the publication of the Federal Register to examine the file and make a decision. The regulator may approve, disapprove or initiate procedures to determine whether the change of rule should be disapproved. This examination period can be extended to 90 days if the dry provides reasoning or if Cboe accepted.
Recently, Grayscale asked to convert his XRP confidence to a grant fund on NYSE Arca in order to provide wider access to XRP with institutional surveillance.
It is a story in development.
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