Hold onto Your Hats! XRP ETF Madness Unfolds! 🎩💰

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Well now, gather ’round, folks! It seems that MEMX, a fine establishment of securities exchange right here in the good ol’ U.S. of A, has taken a bold step and filed with the Securities and Exchange Commission (SEC) to list an XRP exchange-traded fund (ETF) under the grand title of Commodity-Based Trust. Ain’t that a mouthful? 🤔

This little maneuver means that XRP is aiming to sit at the same table as Bitcoin and Ethereum ETFs, which, if memory serves, were given the green light last year. The ink on the filing was barely dry yesterday, February 17, as a whole parade of crypto-related ETFs line up for their turn at the regulatory approval buffet. 🍽️

Now, let’s not forget the SEC’s rather tangled history with XRP. Back in 2020, they decided to throw a lawsuit at Ripple, the fine folks behind XRP, claiming they were selling unregistered securities. But lo and behold, in August 2023, a U.S. judge declared that XRP itself is not a security—though some sales might still be in hot water. This ruling has given these exchanges the moral high ground to push for an XRP ETF. Talk about a plot twist! đź“ś

MEMX isn’t the only one in this race. Oh no! Other exchanges are jumping on the bandwagon too. Just recently, the Cboe BZX Exchange threw its hat in the ring on February 6, 2025, requesting to list four spot XRP ETFs, including the illustrious 21Shares Core XRP Trust. The SEC, bless their hearts, acknowledged this filing on February 14, which means it’s now under review. 🎩

Meanwhile, Grayscale Investments is eyeing a conversion of its existing XRP Trust into an ETF. And guess what? The SEC has given that filing a nod as well. It’s like a crypto party, and everyone’s invited! 🎉

And let me tell you, the interest in ETFs is soaring higher than a kite on a windy day! After the SEC gave the thumbs up to the Bitcoin ETF early last year, firms have been scrambling to submit requests for ETFs in other cryptocurrencies like Solana, Litecoin, and even those cheeky memecoins like Dogecoin (DOGE). And wouldn’t you know it, President Trump has even launched a memecoin of his own! What a time to be alive! 🪙

But hold your horses! The recent political winds in the U.S. might just sway the SEC’s next decision. The president, having won the election last year, has promised to make America the “world’s crypto capital.” Sounds like a tall tale, doesn’t it? 🤷‍♂️

He’s also appointed some pro-crypto folks to key positions, which could mean a friendlier approach to crypto ETFs. Who knew politics could be so entertaining? 🎭

On February 14, 2025, the first-ever spot crypto index ETF, the Hashdex Nasdaq Crypto Index U.S. ETF, started trading on Nasdaq. This nifty little ETF gives investors a taste of multiple digital assets all at once. Talk about a buffet of options! 🍽️

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2025-02-18 19:01