WisdomTree, a financial firm with $113 billion in assets under its management, has taken steps to establish a trust in Delaware for a proposed XRP exchange-traded fund. This trust filing is the first step in the process of launching an ETF and will be followed by a formal application to the SEC.
WisdomTree will join other asset managers, including Bitwise and Canary Capital, who have also filed for XRP ETFs in recent months. The proposed XRP ETF would track the price of XRP, the sixth-largest cryptocurrency by market capitalization. The company has not yet announced the exchange venue or ticker symbol for the fund.
The resignation of SEC Chair Gary Gensler has raised speculation about XRP ETFs, as Ripple Labs, the issuer of XRP, has been embroiled in a legal battle with the regulator for a long time. With new leadership, there may be a reassessment of the SEC’s approach to litigation, potentially making it easier for XRP ETFs to be approved.
