WisdomTree’s Spot XRP ETF Published in Federal Register

Today, the Federal Register published WisdomTree’s spot XRP ETF, marking the start of a 21-day public comment period prior to the SEC’s review process.

Review Timeline

The SEC has the option to extend its review by up to 90 days, making the entire process potentially last as long as 240 days. Under this timeline, a final decision on WisdomTree’s proposal could be expected by October 24.

Public Comment Period

During the public comment period, investors, financial institutions, and other stakeholders have the opportunity to provide feedback regarding the proposal’s feasibility and potential impact on the market.

SEC Evaluation

The SEC will assess the proposal’s compliance with securities laws, market integrity, potential manipulation risks, and investor protections.

This publication follows similar ETF filings from other asset managers, representing the fifth XRP ETF proposal to appear in the Federal Register. Previous submissions include:
– Grayscale on February 20
– Bitwise on February 24
– Canary XRP Trust and CoinShares XRP ETF on February 25

Regulatory Landscape

This development occurs amidst a changing regulatory environment in Washington. The new SEC administration, led by Acting Chair Mark Uyeda, has adopted a more open approach to crypto ETFs, halting enforcement actions against major exchanges and establishing a Crypto Task Force aimed at creating a framework for digital asset oversight.

While the publication of the filing is a significant step forward, approval is not assured. The SEC will conduct a comprehensive review, taking into account factors like market surveillance and investor protection.