$XRP SEC Initiates Review of WisdomTree XRP Spot ETF Proposal
The U.S. Securities and Exchange Commission (SEC) is formally reviewing a proposal from the Cboe BZX Exchange to list and trade the WisdomTree XRP Fund, according to PANews. This fund seeks to track the spot price of XRP and would be priced daily using the CME CF Ripple-Dollar reference rate.
Key Details:
Fund Composition: The ETF will hold XRP, cash, and cash equivalents only.
Objective: Provide investors with regulated exposure to XRP’s market value.
Regulatory Scrutiny: The SEC is evaluating the proposal under Section 6(b)(5) of the Securities Exchange Act, which requires safeguards against market manipulation and mandates investor protection.
Public Involvement: The SEC is accepting public comments during the review process.
No Decision Yet: Approval or denial of the fund has not been finalized.
Conclusion: The review marks another step in the SEC’s evolving stance on spot crypto ETFs. If approved, WisdomTree’s XRP Fund could further integrate XRP into mainstream financial products, pending regulatory clarity.