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WisdomTree, a prominent New York-based asset
management firm, filed for an XRP exchange-traded fund (ETF) in Delaware on
November 25. The filings came amid a surge in XRP price to levels last seen in
2021.
Although state-level filings are often preliminary,
the move signals bold intent to expand into crypto markets, especially as
Ripple’s battle with the SEC reshapes the legal landscape for XRP.
Emerging XRP ETF Landscape
WisdomTree’s move makes it one of the few firms,
including Bitwise, Canary Capital, and 21Shares, to pursue XRP ETFs in the U.S.,
Cointelegraph reported.
None of these applications have gained SEC approval
yet, but Ripple’s partial legal victory in July 2023 has injected optimism into
the market. A federal judge ruled that
XRP sales to retail investors were not securities, challenging the SEC’s
long-standing narrative. The SEC, however, has not conceded defeat. In October
2024, it filed an official appeal, pushing back any potential resolutions to
2025.
If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn’t protected investors and instead has damaged the credibility and reputation of the SEC.Somehow, they still haven’t gotten the message: they lost on everything that… https://t.co/1hW7xVSL9b
— Brad Garlinghouse (@bgarlinghouse) October 2, 2024
The legal uncertainty leaves XRP ETF proposals in
regulatory uncertainty, but firms like WisdomTree appear ready to bet on
eventual approval. The political climate might also play a decisive role. Donald Trump’s victory in the 2024 U.S. presidential
election has raised hopes among crypto enthusiasts.
A Game Changer for Crypto?
During his campaign, Trump pledged to make the US a
global leader in cryptocurrency and blockchain innovation, signaling a
potential departure from the SEC’s historically stringent stance under Gary
Gensler.
President-elect Trump’s incoming administration could
bring sweeping changes to financial regulation. Analysts anticipate that
Gensler will step down, and the new leadership may prioritize fostering crypto
growth over enforcing ongoing lawsuits.
For now, WisdomTree’s Delaware filing serves as a
marker of growing confidence in XRP’s regulatory future. Whether this
confidence pays off will depend on both courtroom outcomes and the priorities
of the incoming administration.
With Trump’s promise to make the US a crypto
powerhouse, the landscape for digital asset innovation could change drastically
in the months ahead.
XRP remains one of the best-performing altcoins following the recent crypto market rally. At the time of publication, the token was up 6% in the past day and 35% in the past week to trade at $1.47. Its current market capitalization is more than $84 billion, and it is ranked 6th on CoinMarketCap.
This article was written by Jared Kirui at www.financemagnates.com. and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
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