The competition to launch the first spot XRP Exchange-Traded Fund (ETF) has entered a critical phase, despite recent volatility in the broader crypto market. On October 10, the U.S. Securities and Exchange Commission (SEC) received a fresh wave of S-1/A amendment filings for proposed XRP ETFs from major players including 21Shares, Bitwise, Franklin Templeton, WisdomTree, Grayscale, and Canary Capital.
Among these, 21Shares' latest filing details a fund designed to passively track XRP's price using the CME CF XRP-Dollar Reference Rate (XRPUSD_NY), an established institutional benchmark. This ETF will operate as a Delaware trust, holding XRP in cold storage with Coinbase Custody Trust Company, and its shares are intended for listing on the Cboe BZX Exchange. The filing confirms a passive strategy, avoiding leverage or derivatives, and highlights the high-risk nature of the product, noting the absence of FDIC insurance or Investment Company Act protections.
A significant development is the SEC's introduction of new, faster ETF listing standards. These generic rules now permit exchanges like Nasdaq, Cboe, and NYSE to list spot crypto ETFs without requiring individual, case-by-case approvals, potentially shortening the approval process from over 240 days to a mere 60–75 days. Crypto analyst Diana noted that 21Shares and Canary Capital have already revised their filings to align with these updated standards, incorporating clearer custody and redemption procedures, stronger surveillance-sharing agreements, and full compliance with SEC feedback, which she described as the "kind of cleanup you do right before launch."
If the SEC continues on its current trajectory, XRP ETFs could debut in early 2026. The initial issuer to meet all criteria under the new fast-track process would proceed first. However, uncertainty persists, as the SEC retains the ability to delay decisions, especially given potential political pressures and recent government shutdowns. The next steps involve acknowledgment letters, exchange listing notices under the new rules, achieving effective S-1 status, and any subsequent conditional approvals.
October 2025, Cryptoniteuae