- Cboe files for spot XRP ETFs from Bitwise, 21Shares, among others.
- JPMorgan expects $6-8 billion in revenue if XRP ETFs are approved.
In a world where the financial markets resemble a circus more than a sanctuary of stability, the Cboe BZX Exchange has taken a bold step, submitting Form 19b-4 to the U.S. Securities and Exchange Commission (SEC). This form, a veritable ticket to the grand show of financial innovation, seeks to list and trade spot XRP exchange-traded funds (ETFs). Among the brave souls filing their intentions are Bitwise Investment, 21Shares, Canary Funds, and WisdomTree. Even Grayscale, that perennial contender, has decided to join the fray with its own XRP ETF filing. 🎩
Ah, Form 19b-4! The sacred scroll that stock exchanges must present to the SEC to enact rule changes for new financial products. The SEC now has a generous 240 days to ponder this request, though approval is as certain as a cat walking on a tightrope. Market optimism, however, is as thick as the fog in London, with Polymarket estimating an 80% chance of XRP ETF approval by 2025. Who knew optimism could be so contagious? 😏
Cboe Seeks SEC Approval for Spot XRP ETFs
Should these ETFs receive the golden stamp of approval, institutional investors would finally have a regulatory-compliant gateway into the world of XRP. A report from the ever-watchful JPMorgan predicts a revenue bonanza of $6 billion to $8 billion in the first year of trading. Apparently, the demand for XRP-based financial products is as high as a kite on a windy day! 🎈
This audacious move follows the SEC’s recent nod to Form 19b-4 filings for Litecoin (LTC) and Solana (SOL) ETFs from the NYSE. The Solana filing is particularly noteworthy, as the SEC has previously deemed it a security. This has sparked wild speculation about whether other cryptocurrencies, like XRP, might also be viewed with a more favorable lens under the current regime. Who knew the SEC could be so unpredictable? 🤔
Fox Business reporter Eleanor Terrett has cautioned that these filings do not guarantee SEC approval. But hey, at least it indicates a shift in the regulatory winds regarding crypto ETFs. Meanwhile, Cboe has also submitted filings for a Solana ETF, which remain as unrecognized as a forgotten sock in the laundry. The ambiguity surrounding crypto ETFs continues to loom like a dark cloud over a picnic. ☁️
Should an XRP ETF come to fruition, it would mark a monumental leap for institutional acceptance, bestowing upon the asset a newfound legitimacy and liquidity. As the SEC reviews this proposal, market participants will be watching with bated breath for any sign that could potentially elevate XRP’s status in the traditional financial arena. After all, who doesn’t love a good plot twist? 🎭
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2025-02-09 03:46