CBOE is urging four fresh XRP ETFs while Crypto market cools down market

On Thursday, the CBOE fair of Chicago submitted four separate applications to the Securities and Exchange Commission, with approval to mention and trade XRP ETFS Wisdomtree” Bitwise” 21SharesAnd Canary.

Large asset managers are now competing for the first place to launch XRP ETFs in the US after the breakthroughs of Bitcoin and Ethereum last year, although some still have to see on Wall Street “Full question“For crypto ETFs.

And even with the increased attention of issents, the fourth largest crypto in the world has fallen, 25% fallen in the past two weeks thereafter edge Until his all time at the end of January just below $ 3.40.

This year it is part of a broader crypto malaise, who continued to cool after an intoxicating rally at the end of last year who came after the second term of President Donald Trump’s victory.

In any case, the Thursday’s files, next to others This year, XRP would push to unknown territory, because it does not have to receive the clear regulatory status that is assigned to Bitcoin and Ethereum.

All four applicants lean heavily on the partial victory of July 2023 in the current sec v. Ripple Labs case, which wants to determine whether XRP – a digitally active that is closely linked to Ripple – must be classified as a safety under the federal law .

CBOE “believes that it applies the right legal standards when determining a good faith that XRP is not a safety under these circumstances under the federal law,” the archives say.

The applications come in the midst of a running Sec profession From the Ripple pronunciation to the second circuit, in which the regulator tries to reverse the classification and to destroy the decision that was of the opinion that programmatic XRP sale to retail investors did not constitute investment contracts.

In contrast to earlier approvals from Crypto ETF, XRP misses an established CME -Futures market, an important requirement that the SEC had searched during the approval for Bitcoin and Ethereum.

It follows CBOOs archiving For four separate Solana ETFs last week, which were submitted again after tackling the worries of the last year. These include market integrity, investor protection and legal uncertainty.

Asset managers implement protective measures to strengthen their chances of approval of the regulations, including the purchase of secondary markets instead of directly from Ripple Labs, according to the text of the submission of Wisdomtree.

Measures such as surveillance and market monitoring, custody with recognized external preservators, keeping XRP in cold storage and a means to stop intraday trade, meanwhile, strive to ensure that worries have been worried earlier in the past.

The SEC has 45 days to assess the applications that have been published once in the federal register, with possible extensions up to 90 days.

Published by Sebastian Sinclair