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The XRP ETF file has stirred optimism in the crypto sector, with analysts tying the move to the potential policy shifts expected under President-elect Donald Trump’s administration.
XRP ETF Filing Marks a Critical Turning Point
On November 25, the New York-based asset manager WisdomTree Funds signaled its intention to file with the US Securities and Exchange Commission by registering in Delaware for an XRP (XRP) exchange-traded fund (ETF), Cointelegraph reports.
In the United States, the firm is one of three early applicants for an XRP ETF, with Bitwise, Canary Capital, and 21Shares. There have been no such petitions authorized by the SEC as of this article's publication.
At this potentially critical juncture for XRP, WisdomTree has filed. After a protracted struggle, the San Francisco-based corporation Ripple finally won a partial success in July 2023 when a judge determined that XRP was not a security. The case had been brought by the SEC.
Ripple's Ongoing Battle With the SEC
On October 2, 2024, one day before the court's deadline, the SEC formally appealed the decision. A proposal to postpone the opening brief until January 15, 2025 was subsequently approved.
The transition team for the incoming president, Donald Trump, has been extremely busy since his victory in the 2024 US presidential election in early November.
Although the Ripple lawsuit has not been specifically mentioned and the president-elect has not announced whether his administration will pursue the ongoing cryptocurrency lawsuits brought by the SEC, experts are forecasting a significant shift in how the federal government handles cryptocurrency regulation and oversight.
Trump’s Pro-Crypto Agenda Sparks Market Speculation
Trump, a Republican, campaigned on a promise to establish the United States as the global leader in Bitcoin, crypto, and blockchain technology. Additionally, he has voiced his disapproval of how President Joseph Biden and current SEC Chair Gary Gensler dealt with cryptocurrency.
But once Trump is in office, the country will be run under a completely new system of financial oversight, with conservative appointees occupying the top positions in the Treasury departments (pending approval), and Gensler out of a job at the SEC.
In the end, Trump may put in place a regulatory structure that is prepared to dismiss the long-standing lawsuits against companies like Ripple. Because of this, an XRP ETF could be possible sooner than what experts had predicted.
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