According to PANews, the U.S. Securities and Exchange Commission (SEC) has initiated a formal review of the proposed rule change by Cboe BZX Exchange to list and trade the WisdomTree XRP Fund. The fund aims to track the spot price of XRP and will be valued daily based on the CME CF Ripple-Dollar reference rate. Its holdings will consist solely of XRP, cash, and cash equivalents.
The SEC is assessing whether the proposal complies with regulations designed to prevent market manipulation and protect investors, as outlined in Section 6(b)(5) of the Securities Exchange Act. As of now, no decision has been made to approve or deny the proposal. The public is invited to submit written comments for consideration during the review process.
