Asset manager 21Shares has filed for approval of a spot XRP exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The filing, submitted on Nov. 1, aims to list and trade Core XRP Trust shares on the Cboe BZX Exchange. While it doesn't provide direct exposure to XRP, it offers investors an indirect market access.

Coinbase Custody Trust Company will act as the custodian for the XRP if the ETF gets the green light. Other firms like Bitwise have also filed for XRP ETFs.

The SEC has approved spot Bitcoin and Ether ETFs for 2024 but hasn't yet responded to spot XRP applications amid its ongoing lawsuit with Ripple Labs. The legal battle includes a federal judge ruling that XRP isn't a security in programmatic sales on exchanges.

Since the approval of spot Bitcoin ETFs, firms like VanEck, 21Shares, and Canary Capital have applied for spot Solana and Litecoin ETFs. The SEC can delay decisions or open comments on these filings, potentially leaving the final call to a new administration. Political experts speculate that Kamala Harris or Donald Trump could replace SEC Chair Gary Gensler if elected.