WisdomTree, a prominent New York-based asset management firm, filed for an XRP exchange-traded fund (ETF) in Delaware on November 25. The filings came amid a surge in XRP price to levels last seen in 2021.
Although state-level filings are often preliminary, the move signals the company's intention to expand into crypto markets, especially as Ripple’s battle with the SEC for clear regulations.
Emerging XRP ETF Landscape
WisdomTree’s move makes it one of the few firms, including Bitwise, Canary Capital, and 21Shares, to pursue XRP ETFs in the US, Cointelegraph reported.
None of these applications have gained SEC approval yet, but Ripple’s partial legal victory in July 2023 has injected optimism into the market. A federal judge ruled that XRP sales to retail investors were not securities, challenging the SEC’s long-standing narrative. The regulator, however, has not conceded defeat. In October 2024, it filed an official appeal, pushing back any potential resolutions to 2025.
If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn’t protected investors and instead has damaged the credibility and reputation of the SEC.Somehow, they still haven't gotten the message: they lost on everything that… https://t.co/1hW7xVSL9b
— Brad Garlinghouse (@bgarlinghouse) October 2, 2024
The legal uncertainty leaves XRP ETF proposals in regulatory uncertainty, but firms like WisdomTree appear ready to bet on eventual approval. The political climate might also play a decisive role. Donald Trump’s victory in the 2024 US presidential election has raised hopes among crypto enthusiasts.
XRP to the Moon?
During his campaign, Trump pledged to make the US a global leader in cryptocurrency and blockchain innovation, signaling a potential departure from the SEC’s historically stringent stance under Gary Gensler.
President-elect Trump’s incoming administration could bring sweeping changes to financial regulation. Analysts anticipate that the new SEC leadership will prioritize fostering crypto growth over enforcing ongoing lawsuits.
For now, WisdomTree’s Delaware filing serves as a marker of growing confidence in XRP’s regulatory future. Whether this confidence pays off will depend on both courtroom outcomes and the priorities of the incoming administration. With Trump’s promise to make the US a crypto powerhouse, the landscape for digital asset innovation is expected to change.
XRP remains one of the best-performing altcoins following the recent crypto market rally. At the time of publication, the token was up 6% in the past day and 35% in the past week to trade at $1.47. Its current market capitalization is more than $84 billion, and it is ranked 6th on CoinMarketCap.
This article was written by Jared Kirui at www.financemagnates.com.
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