WisdomTree files S-1 application for XRP ETF with SEC amid a heated market

WisdomTree submitted an ETF fund registration application for XRP in Delaware on November 25, 2024, amid the rising cryptocurrency market. This marks a significant step in the company's strategy as they join the list of XRP ETF candidates in the United States, alongside companies like Bitwise, Canary Capital, and 21Shares. Although the application has not yet been approved by the U.S. Securities and Exchange Commission (SEC), WisdomTree is expected to soon submit the official S-1 form.

The timing of the application is crucial as recent information indicates that Ripple, the company behind XRP, has achieved a victory in its protracted legal battle with the SEC, as a judge determined that XRP is not a security in certain cases. However, the SEC has appealed this decision, indicating that the fight is not over yet.

The increasing interest in XRP ETFs also reflects a broader trend among investors, especially as the political situation may lead to changes in how the U.S. government regulates cryptocurrency products, with potential leadership changes at the SEC in the near future.