Ripple News: XRP Might Be Finally Traded By CBOE BZX Platform Due To New Development

Given Trump’s pro-crypto stance as of late, some might say that a new dawn for crypto is coming. Many new developments are already underway in the world of crypto. One such development is CBOE BZX’s official application to the SEC to trade spots and list XRP ETFs. This can be a significant development in the crypto landscape since it shows active movement towards a more crypto-friendly landscape.  

The filling was submitted following the 19B4 rule. This rule allows regulatory bodies to change rules with the help of SEC guidelines. The filing is done for Canary Capital, WisdomTree, Bitwise, and 21Shares. These firms have decided to launch products that track XRP, the fourth-largest crypto in the market.  

This filing is the second part of a two-step process for launching crypto ETF. If the proposal follows through, the proposal will be published in the Federal Registry. Analysts and experts believe this move comes at the right time since the US government has corrected its trajectory and is looking to adopt a more crypto-friendly stance.  

Clauses Of The Filing 

The filing states, “The Exchange believes that approving this proposal (and comparable proposals) provides the Commission with the opportunity to allow U.S. investors with access to XRP in a regulated and transparent exchange traded vehicle that would act to limit risk to U.S. investors.”  

Unlike other crypto ETFs, XRP fundamentally lacks an established futures market in the CME or Chicago Mercantile Exchange. CME is a key component of the SEC’s decision-making process for ETH and BTC approvals. As a result, WisdomTree has provided a solution to improve the chances of getting the approval accepted. 

A clause by WisdomTree states that it wants to source XRPs from secondary markets and not Ripple Labs. This move strategically removes Ripple Labs from the equation and the chances of the application getting rejected.  

Ripple Labs is already at the center of a legal battle with the SEC. Therefore, removing Ripple Labs from the equation will free the application from liability. As a result, the overall chances of the application getting selected are improved.