On February 7, 2025, Chicago's Cboe Exchange submitted four applications to the SEC for approval to list and trade spot XRP ETFs. Major asset managers are competing to launch the first of such ETFs in the U.S. after successful launches for Bitcoin and Ethereum ETFs. Despite this push, XRP's value has decreased by 25% over the past two weeks, reflecting a broader downturn in the cryptocurrency market. These applications cite a partial legal victory in a significant case against Ripple Labs, aiming to clarify XRP's regulatory status. Unlike other crypto ETFs, there is currently no established CME futures market for XRP, a crucial requirement previously sought by the SEC. The asset managers are addressing previous regulatory concerns by sourcing XRP from secondary markets and implementing protective measures to enhance investor safety. The SEC has a maximum of 90 days to review these applications once published.

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