This week, the Cboe (Chicago Board Options Exchange) submitted an application to the U.S. Securities and Exchange Commission (SEC) to list 4 spot ETFs for XRP. This could be a major breakthrough for XRP, however, legal barriers remain a significant issue.

📌 4 Proposed XRP ETF Filings

#Cboe has submitted 4 separate filings for XRP ETFs from WisdomTree, Bitwise, 21Shares, and Canary. If approved, these will be the first spot ETFs for XRP in the US, similar to $BTC and $ETH previously.

Nevertheless, the market remains skeptical as there is no "strong demand" from Wall Street for cryptocurrency ETF funds, especially as the price of XRP has dropped 25% in the past two weeks, after nearing an all-time high of $3.40 at the end of January.

📌 Biggest Barrier: SEC Regulations

One of the biggest issues with $XRP is the unclear legal status. The SEC is still appealing the ruling from July 2023, in which the court ruled that XRP transactions on the secondary market are not securities.

Cboe argues that XRP is not a security under federal law, but the SEC may delay the decision by extending the review period by up to 90 days.

Additionally, the SEC previously required the CME futures market to be the approval criterion for Bitcoin and Ethereum ETFs, while XRP has no regulated futures market in the US. This could be a significant obstacle for these new filings.

📌 How Proposed ETFs Achieve Approval

To increase the chances of SEC approval, fund management organizations propose several protective measures, including:

✔️ Only buy XRP from the secondary market (not directly from #RippleLabs ) to avoid being classified as securities.
✔️ Closely monitor the market and use licensed asset custodians.
✔️ Store XRP in cold wallets to ensure asset security.
✔️ Day trading halting mechanisms to help control market volatility.

These are also factors that previous Solana ETFs had to adjust for when applying to the SEC.

💡 Conclusion: Is There a Chance for XRP ETF Approval?

Although filing is an important step, the chances of the SEC approving XRP ETFs are still very unclear due to the ongoing legal disputes. The market also shows no strong signs of interest in the new ETFs, especially with XRP's price declining.

If the SEC gives the green light, XRP could usher in a new era, but if denied, the price could face further downward pressure. 📉

📢 Do you think the SEC will approve the XRP ETF? Leave your opinion! 🚀 #anhbacong