- Cboe’s 19b-4 filings for XRP ETFs mark a critical step in securing SEC approval, with a 240-day review now in progress.
- Regulatory shifts and SEC leadership changes under Mark Uyeda could accelerate XRP ETF approval, fueling investor optimism.
In a significant development within the cryptocurrency investment landscape, the Cboe BZX Exchange has submitted 19b-4 filings to the U.S. Securities and Exchange Commission (SEC) on behalf of prominent asset managers Bitwise, Canary Capital, 21Shares, and WisdomTree.
Previously, CNF shared insights on XRP ETFs and SEC updates, specifically noting that XRP ETF filings were gaining traction as an SEC decision loomed. These new filings represent a concerted effort to introduce XRP-focused Exchange-Traded Funds (ETFs) to the market, signaling a potential expansion of crypto-based investment products.
As recently shared by Eleanor Terrett in her tweet, the 19b-4 forms are the next step in the ETF approval process after issuers file their S-1s.
🚨NEW: The @CBOE has just filed the 19b-4s on behalf of @BitwiseInvest and @CanaryFunds for their $XRP ETFs.
The 19b-4 forms are the next step in the ETF approval process after issuers file their S-1s. The 19b-4s basically ask the @SECGov to allow them to list and trade the… pic.twitter.com/vMkoTk6G3P
— Eleanor Terrett (@EleanorTerrett) February 6, 2025
Advancing Toward XRP ETF Approval
The submission of Form 19b-4 is a critical procedural step, serving as an official request for the SEC to permit the listing of these XRP ETFs on the Cboe BZX Exchange. Upon acknowledgment of these filings by the SEC, a 240-day review period begins, during which the commission evaluates the proposals. Notably, the SEC has recently acknowledged similar filings from Grayscale Investments, suggesting a possible openness to such products.
Regulatory Environment and Leadership Changes
The surge in crypto ETF applications coincides with a more favorable regulatory climate in the U.S., influenced by recent political shifts. The inauguration of President Donald Trump has ushered in leadership changes at the SEC, with Mark Uyeda succeeding Gary Gensler as SEC chair. Uyeda has initiated pro-crypto measures, including the establishment of a crypto task force aimed at developing supportive policies for the sector.
Legal experts, such as pro-XRP attorney Jeremy Hogan, suggest that the SEC’s decision on XRP ETF applicationsmay materialize by mid-2025, contingent upon the resolution of ongoing legal proceedings involving Ripple Labs. This timeline aligns with the typical six to twelve-month review period for ETF approvals.
Expanding Interest in Crypto ETFs and Market Update
As of now, XRP is trading at approximately $2.35, reflecting a 1.74% increase in the past day but a 3.29% declinefrom the previous close. The day’s trading range has seen a high of $2.46 and a low of $2.29. This price movement occurs amidst growing interest in XRP-focused investment products and evolving regulatory developments.
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