U.S. Regulators Move Forward on XRP Spot ETF Proposal

SEC Begins Formal Review of WisdomTree’s Spot XRP ETF Application

The U.S. Securities and Exchange Commission (SEC) has initiated a formal review of WisdomTree’s proposal to launch the first U.S.-based spot XRP exchange-traded fund (ETF), marking a potential turning point for institutional access to the digital asset.

The application, filed by the Cboe BZX Exchange, would allow the WisdomTree XRP Trust to offer exposure to XRP through conventional brokerage channels, using the CME CF Ripple-Dollar Reference Rate as its pricing benchmark. This structure eliminates the need for direct token ownership or private key management.

The SEC’s review, disclosed under Release No. 34-103124, begins a window of up to 240 days for approval or rejection. As part of the process, the agency is actively requesting public input on the fund’s design, particularly around its ability to prevent market manipulation and protect investors.

This review arrives as regulatory clarity around digital assets remains a hot-button issue. Ripple’s Chief Legal Officer, Stuart Alderoty, submitted a letter to the SEC’s crypto task force this week urging clear and consistent definitions, stating that “regulatory ambiguity only serves to stifle innovation and expose good-faith actors to unnecessary risk.”

Should the ETF receive approval, it would mark the first time XRP is made accessible to U.S. investors through a fully regulated, publicly traded vehicle—potentially setting the stage for similar products across the crypto sector.