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SEC Begins Review of First U.S. Spot XRP ETF Filed by WisdomTree
Поделиться:
- After this initiative, a milestone will be achieved that will open ways for similar products across other crypto assets.
- The chief legal officer of Ripple restated in a letter to the SEC’s crypto task force this week that XRP should not be treated as a security.
The Securities and Exchange Commission of the United States has officially started to review the WisdomTree XRP Trust, an offered spot exchange-traded fund (ETF) that allows investors to have exposure to XRP.
Cboe BZX Exchange filed the application, which marks the first official SEC review of a U.S.-based spot XRP ETF. If the application is approved, it will be the first spot ETF in the United States.
After this initiative, a milestone will be achieved that will open ways for similar products across other crypto assets. The product will track the market price of XRP through the CME CF Ripple-Dollar Reference Rate.
Also, it will permit investors to have XRP exposure via traditional brokerage accounts, avoiding the need for private keys or self-custody. The regulatory body publicized its notice under Release No. 34-103124.
After this step, a more thorough evaluation of the application will be initiated. SEC now has up to 240 days to either approve or reject the filing. At the same time, the SEC is also asking for public comments on whether the design of ETFs sufficiently manages concerns tied to market manipulation and investor protection.
Ripple CLO’s Stance
Also, the chief legal officer of Ripple, Stuart Alderoty, restated in a letter to the SEC’s crypto task force this week that XRP should not be treated as a security in and of itself. On May 27, Alderoty posted on X that:
“Today Ripple has submitted one more letter to the Crypto Task Force of the SEC, mentioning a prime question from Commissioner Peirce’s “New Paradigm” speech: When does a virtual asset distinguish from an investment contract? We appreciate the continued involvement with the Task Force.”
He further added that the rules must be clear for issuers as well as market members who could be inadvertently distinguished as securities exchanges, brokers, dealers, or issuers. And, over dependency on vague terms such as completely functional or decentralized makes more regulatory confusion instead of clarity.
Highlighted Crypto News Today:
David Sacks and World Leaders Signal New Era of Bitcoin Adoption
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Rising Above The Ashes: XRP ETFs Set New Record Despite Market Crash
Altcoins outside the top 10 won’t recover when Bitcoin finally rebounds, and here’s why
SEC Begins Review of First U.S. Spot XRP ETF Filed by WisdomTree
Поделиться:
- After this initiative, a milestone will be achieved that will open ways for similar products across other crypto assets.
- The chief legal officer of Ripple restated in a letter to the SEC’s crypto task force this week that XRP should not be treated as a security.
The Securities and Exchange Commission of the United States has officially started to review the WisdomTree XRP Trust, an offered spot exchange-traded fund (ETF) that allows investors to have exposure to XRP.
Cboe BZX Exchange filed the application, which marks the first official SEC review of a U.S.-based spot XRP ETF. If the application is approved, it will be the first spot ETF in the United States.
After this initiative, a milestone will be achieved that will open ways for similar products across other crypto assets. The product will track the market price of XRP through the CME CF Ripple-Dollar Reference Rate.
Also, it will permit investors to have XRP exposure via traditional brokerage accounts, avoiding the need for private keys or self-custody. The regulatory body publicized its notice under Release No. 34-103124.
After this step, a more thorough evaluation of the application will be initiated. SEC now has up to 240 days to either approve or reject the filing. At the same time, the SEC is also asking for public comments on whether the design of ETFs sufficiently manages concerns tied to market manipulation and investor protection.
Ripple CLO’s Stance
Also, the chief legal officer of Ripple, Stuart Alderoty, restated in a letter to the SEC’s crypto task force this week that XRP should not be treated as a security in and of itself. On May 27, Alderoty posted on X that:
“Today Ripple has submitted one more letter to the Crypto Task Force of the SEC, mentioning a prime question from Commissioner Peirce’s “New Paradigm” speech: When does a virtual asset distinguish from an investment contract? We appreciate the continued involvement with the Task Force.”
He further added that the rules must be clear for issuers as well as market members who could be inadvertently distinguished as securities exchanges, brokers, dealers, or issuers. And, over dependency on vague terms such as completely functional or decentralized makes more regulatory confusion instead of clarity.
Highlighted Crypto News Today:
David Sacks and World Leaders Signal New Era of Bitcoin Adoption
В этой новости
Монеты
$ 78.79K
-6.23%$ 1.67
-4.68%$ 0.0122
-6.98%$ 0.00...361
$ 0.00085
Поделиться:
В этой новости
Монеты
$ 78.79K
-6.23%$ 1.67
-4.68%$ 0.0122
-6.98%$ 0.00...361
$ 0.00085
Поделиться:
Читать больше
Rising Above The Ashes: XRP ETFs Set New Record Despite Market Crash