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The exchange seeks to list the ETF as a commodities-based trust, according to the filing.
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MEMX, a US securities exchange, has asked the Securities and Exchange Commission for permission to list an XRP (XRP) exchange-traded fund (ETF) as a “Commodity-Based Trust,” according to regulatory filings.
The filing marks the latest effort by a US exchange to list ETFs containing spot XRP, the native token of Ripple’s XRP Ledger blockchain network.
It also highlights how the SEC is changing its stance on cryptocurrency as US President Donald Trump starts his second term. In 2020, the SEC sued Ripple, alleging the blockchain developer issued unregistered securities when launching the XRP token.
The case was partially resolved in August when a US judge ruled that the XRP token is not inherently a security but may qualify as one under certain circumstances.
Listing as a commodity trust would put XRP in the same category as spot Bitcoin (BTC) and Ether (ETH) ETFs, which launched in the US last year.
21Shares filed to list its Core XRP Trust ETF in November, just days before crypto-friendly Trump prevailed in the US elections on Nov. 5. Trump has promised to make America “the world’s crypto capital” and has tapped pro-industry leaders for key regulatory posts.
On Feb. 6, another US securities exchange, Cboe BZX, sought permission to list four spot XRP ETFs, including 21Shares Core XRP Trust. The SEC acknowledged the application on Feb. 14.
Numerous crypto ETFs await regulatory approval. Source: Bloomberg Intelligence
Related: SEC seeks comment on in-kind redemptions for Bitcoin, Ether ETFs
Flurry of filings
Issuers filed to list upward of a dozen cryptocurrency ETFs in anticipation of what industry executives expect to be the Trump administration’s more accommodating stance toward crypto.
They include ETFs holding memecoins, such as Dogecoin (DOGE), Official Trump (TRUMP) and Bonk (BONK).
Additionally, issuers filed to list ETFs for alternative cryptocurrencies, or “altcoins,” such as Solana (SOL) and Litecoin (LTC).
Meanwhile, existing crypto ETFs — namely those holding spot BTC and ETH — are now seeking to add new features such as staking and in-kind redemptions.
Issuers are also awaiting approval for several planned crypto index ETFs designed to hold diverse baskets of digital tokens.
On Feb. 14, the first spot crypto index fund, Hashdex Nasdaq Crypto Index US ETF, started trading on Nasdaq.
Magazine: Influencers shilling memecoin scams face severe legal consequences
This article first appeared at Cointelegraph.com News
