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The SEC has officially launched a review of WisdomTree XRP Trust.
Gate News bot news, the SEC ( has officially launched a review of the WisdomTree XRP Trust. This trust is a proposed Spot ETF aimed at providing investors with exposure to XRP.
The application was submitted by the Cboe BZX Exchange, marking the SEC's first formal review of a U.S. XRP Spot ETF. If approved, it will become the first XRP Spot ETF in the U.S.—this milestone could open the door for similar products for other crypto assets.
The product will track the market price of XRP through the CME CF Ripple-Dollar Reference Rate, allowing investors to invest in XRP through traditional brokerage accounts without the need for private keys or self-custody.
The SEC has issued announcement No. 34-103124, initiating a more comprehensive assessment of the application. The SEC currently has up to 240 days to approve or deny the application.
Meanwhile, the agency is seeking public input to determine whether the design of the ETF adequately addresses concerns related to market manipulation and investor protection.
Meanwhile, Ripple's Chief Legal Officer Stuart Alderoty reiterated in a letter submitted to the SEC's cryptocurrency working group this week that XRP itself should not be considered a security.
Alderoty wrote: "The rules must be clear not only to issuers but also to all market participants who may be inadvertently classified as exchanges, brokers, dealers, or issuers."
Source: CoinDesk