On May 27, 2025, the U.S. Securities and Exchange Commission (SEC) officially announced the initiation of the review process for WisdomTree's application to list the XRP spot exchange-traded fund (ETF). According to the SEC's official announcement, this review will focus on the WisdomTree XRP fund application submitted by the Cboe BZX exchange, which aims to provide investors with direct exposure to XRP prices by tracking the CME CF Ripple-Dollar reference rate, without the need to hold the actual cryptocurrency. The SEC emphasized that the review will rigorously assess whether the proposal meets regulatory requirements to prevent fraud, market manipulation, and protect investor interests.

Review Process Initiated: 21-Day Public Comment Period Opened

According to the announcement released by the SEC (No. [34-103124]), the application for the WisdomTree XRP fund has officially entered the review stage. From the date of publication in the Federal Register, the SEC will open a 21-day public comment window, allowing market participants, investors, and other stakeholders to submit opinions on the legality, potential risks, and market impact of the ETF. The deadline for submitting rebuttal comments is 35 days. This process not only reflects the SEC's high regard for public participation but also provides a foundation for regulatory agencies to further improve the regulatory framework for digital assets.

@ChainCatcher_ pointed out on the X platform that the SEC has the authority to extend the review period up to a maximum of 240 days, with a final decision expected to be announced by the end of October 2025.

This review does not directly approve or deny the application but enters a strict evaluation period. The SEC will focus on examining the liquidity of the XRP market, the risks of price manipulation, and whether investor protection measures are adequate. Given the previous legal disputes between XRP and the SEC, this process may face additional challenges. Although a 2023 court ruling partially dismissed the SEC's claims that XRP is a security, the uncertainty surrounding its legal status remains a key obstacle to approval.

WisdomTree XRP ETF: Design and Significance

WisdomTree, a globally recognized asset management company, has been active in the cryptocurrency space in recent years, having previously successfully launched a Bitcoin spot ETF. Its submitted XRP ETF application plans to list on the Cboe BZX exchange under the ticker symbol "TICKER." The fund's assets will primarily consist of XRP, cash, and cash equivalents, benchmarked against the CME CF Ripple-Dollar reference rate, aiming to provide investors with a low-cost, high-transparency investment channel for XRP. Bank of New York Mellon (BNYM) will serve as the fund's custodian, manager, and transfer agent, ensuring compliance and transparency in operations.

XRP, as the native token of the Ripple network, is known for its widespread application in cross-border payments. RippleNet has partnered with several global financial institutions, such as American Express and SBI, to facilitate fast and low-cost international transfers. However, the legal controversies surrounding XRP have hindered its progress in the ETF space. If the WisdomTree XRP ETF is approved, it will become another milestone product in the cryptocurrency market following Bitcoin and Ethereum spot ETFs, providing a convenient entry point for traditional investors into the XRP market.

Market Reaction: Optimism and Caution Coexist

Following the announcement, @BSCNews and @BSCNheadlines posted that "the SEC has initiated the review of the WisdomTree XRP spot ETF application," sparking widespread discussion. Some investors expressed optimism about the approval prospects, with @Xaif_Crypto even predicting that "the approval of the XRP spot ETF is imminent." However, @sougoha23sai pointed out that although the fundamentals of the XRP market are "rock solid," its price has not seen significant increases, reflecting a cautious attitude from the market regarding the approval outcome.

Industry analysis suggests that the approval of the XRP ETF will have a profound impact on the cryptocurrency market. Hotcoin Research noted that spot ETFs directly hold the underlying assets, which can have a more significant impact on prices compared to futures ETFs, attracting more institutional and retail investors. If approved, the WisdomTree XRP ETF could further boost XRP prices and market adoption. However, the SEC's concerns about market manipulation risks may prolong the approval timeline or even lead to a denial.

Regulatory and Market Outlook

The approval of the XRP ETF comes at a time when the regulatory environment for the cryptocurrency market is undergoing positive changes. Following the Trump administration's arrival, the market generally expects the U.S. to introduce more favorable cryptocurrency policies, adding optimistic factors to the XRP ETF approval. However, the SEC's cautious stance on digital assets remains, especially given that XRP's legal status is not yet fully clarified. Whether WisdomTree's application can be approved will depend on its ability to effectively address the SEC's concerns regarding market manipulation and investor protection.

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