MEMX, a US-based security exchange has submitted a file for approval with the Security Exchange and Commission (SEC) to list an XRP exchange-traded fund (ETF) as a Commodity-Based Trust, similar to Bitcoin and Ethereum ETF.
MEMX filings seeking to list XRP exchange-traded fund as a Commodity-Based Trust under the new Donald Trump administration marks a significant move for XRP. The decision was amid the legal ruling in favor of Ripple which determined that XRP is not automatically considered a security.
Many other exchanges are coming up with plans to offer similar products, creating a buzz around ETFs. As of now, 15 ETFs are waiting for approval to get listed. With the new government and its friendly crypto approach, the demand for crypto is rising, and with the SEC’s approval of these ETFs, massive buying activity can be expected, resulting in a push in the value of XRP.
Listing XRP as a commodity-based trust would place XRP in the same category as spot Bitcoin and Ethereum ETFs, which were launched last year in the US.
In 2020, the SEC filed a case against Ripple, claiming the blockchain developer had issued unregistered securities while launching the XRP token, the native token of Ripple’s XRP ledger blockchain network. The case was partially solved in August, however, it is not over officially. According to reports, the ongoing case will be discussed in the SEC closed meeting which is to be held on February 20, 2025. Many anticipate that with crypto-friendly people at SEC and the crypto task force Chair, the decision will be in favor of Ripple.
In November, just days before Trump won the US election, 21Shares filed to list its Core XRP Trust ETF. The crypto-friendly Donald Trump has promised to make America as ‘world’s crypto capital’, selecting industry leaders for prominent regulatory posts. He also launched a meme coin under his name, which is currently priced at $16.36, and holds a 24-hour trading volume of $1.39 billion.
On February 6, Cboe BZX, another security exchange in the US, submitted a filing for approval to list four spot XRP ETFs, including 21Shares Core XRP Trust, which was acknowledged by the SEC on February 14.
Crypto ETFs And Trump’s Stance Towards Crypto
Many crypto exchanges are planning to list a dozen cryptocurrency ETFs, anticipating that with the Donald Trump administration, a more crypto-friendly environment will be created in the United States, resulting in increased crypto adoption. The filings include permission for the listing of ETF-holding meme coins such as Official Trump (TRUMP), Dogecoin (DOGE), and Bonk (BONK). In addition, many exchanges filed to list ETFs for altcoins like Solana (SOL) and Litecoin (LTC) and are waiting for approval.
On the other hand, existing ETFs like Bitcoin and Ethereum are seeking approval for adding new features like in-kind redemption and staking. Crypto index ETFs are also on the list waiting for approval.
XRP To Conquer Heights
With the Ripple and SEC case resolved, which is anticipated to be concluded by the SEC closed meeting scheduled on February 20, and the approval of XRP-based Exchange Traded Funds listing, the value of XRP will increase, pushing the soin to new heights. Though many expect a record-breaking price for XRP in the coming years, some hinder the thought by pointing to Bitcoin’s dominance. However, with the Donald Trump administration and major changes in the Chairs of the SEC, crypto trading in the US will be easier and less restrictive, increasing the adoption and, thereby the demand and price.
