The SEC has received six XRP ETF applications over the last several weeks as interest in traditional crypto investment vehicles continues rising.
Coinshares sent a proposal for XRP and Litecoin ETFs while Grayscale sent one for XRP amid several proposals for Solana ETFs.
The SEC has received no less than six applications for XRP exchange-traded funds from major issuers like Canary Capital, Grayscale, Bitwise, WisdomTree, 21Shares, and Coinshares.
The latest application, Grayscale, began the 21-day comment period on Friday where members of the public can submit feedback on the proposed ETF.
While this happens, five Solana ETF applications from 21Shares, Bitwise, Grayscale, VanEck, and Canary await a decision.
The rise of interest in ETFs
The recent swarm of ETF applications is emblematic of a shift in the regulatory landscape to a more friendly environment. This shift began at the twilight of Gary Gensler’s tenure with the approval of the Bitcoin and Ethereum ETFs.
Now that Mark Uyeda, a pro-crypto official, is in office, combined with the most pro-crypto Congress the US has ever seen, the regulatory landscape is expected to be friendlier. Furthermore, Ripple Labs’ win against Gensler’s SEC has also placed it in a favourable growth position.
President Trump signed an executive order to create a sovereign wealth fund that will include cryptocurrencies. While Bitcoin is expected to be on the list, recent developments may place XRP in the fund as well.
In January, Trump met with Brad Garlinghouse, CEO of Ripple, who is pushing for the sovereign wealth fund to contain more than one cryptocurrency, ideally XRP as well.
Some thoughts on maximalism… let me say this as clearly as I can – the crypto industry has a real shot, here and now, to achieve the many goals we have in common, IF we work together instead of tearing each other down. This is not, and never will be, a zero-sum game.
• I own…
— Brad Garlinghouse (@bgarlinghouse) January 27, 2025
An XRP ETF approval could cement the crypto as a candidate for the reserve.
Ripple is the third largest crypto by market cap and trades at $2.48 as of publishing.
