Following the lead of several firms that have already taken the step, 21Shares has become the latest to file for an XRP ETF with the US Securities and Exchange Commission (SEC). Indeed, a filing made Friday has the firm looking to issue the investment product for Ripple’s native cryptocurrency.
21Shares has now become the third firm to file for the XRP investment vehicle, following both Bitwise and Canary Capital. Moreover, it comes just a week after Ripple CEO Brad Garlinghouse told Bloomberg that an ETF for the token was “inevitable.”
Also Read: Ripple: Will XRP Hit $1.50 If Bitcoin Reclaims $73,000?
21Shares Becomes Latest to File for XRP ETF With Reluctant SEC
The contentious relationship between Ripple and the SEC has been well documented. Both sides have been engaged in a years-long legal battle that has dragged on with both filing to appeal certain rulings. Yet, that hasn’t stopped crypto asset managers from filing to bring an XRP ETF to the market.
Indeed, 21Shares has become the latest to file for an XRP ETF with the SEC. They join fellow cryptocurrency asset management firms Bitwise and Canary Capital. The investment vehicle will track the performance of XRP and offer exposure to institutional investors. Earlier this year, 21Shares also filed to issue a Solana ETF.
Also Read: XRP’s Explosive Surge: The Only Reason You Need to Know
The SEC will undoubtedly be reluctant to issue such an investment offering considering its stance on XRP. The ongoing legal battle was regarding the tokens’ status as a security. Yet, that changed with Judge Anlisse Torres ruling earlier this year that the asset was not to be identified as such.
A potential approval would see the United States get its third crypto-based ETF in 2024. Bitcoin was the first, gaining regulatory approval in January. Months later, Ethereum followed suit. Although BTC proved immensely successful, ETH has yet to mirror the same performance.