The US Securities and Exchange Committee (SEC) has officially started a review of Wisdomtree XRP TRUST, an ETF (ETF) that provides investors exposure to XRP XRP.
The application was presented by CBOE BZX Exchange, and the application is the first official SEC review of XRP ETF Spot in the United States. If approved, it will be the first XRP ETF spot in the United States – a milestone that can open the door for similar products through other encryption assets.
The product will track the price of the XRP market through the CME Ripple-Dollar reference rate, allowing investors to acquire XRP exposure through traditional mediation accounts, transcending the need for special keys or self-care.
SEC published her notification under Edition No. 34-103124Beginning a more comprehensive evaluation of the application. The committee now has up to 240 days to approve or reject the deposit.
Meanwhile, the agency seeks general comments on whether ETF design sufficiently deals with concerns about manipulation of the market and protecting investors.
Meanwhile, in a message submitted to the SEC encryption squad this week, the chief legal official of Ripple, Stewart Aldouti, has repeated that XRP should not be dealt with as security itself.
“The rules must be clear not only for exporters, but for all market participants who can be categorized unintentionally as an exchange of securities, brokers, merchants or exporters,” Aldeoty wrote, adding that excessive dependence on mysterious terms such as “full work” or “a march”.
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