New York asset manager WisdomTree is the latest firm to file for an XRP exchange-traded fund (ETF), amid optimism over the asset’s future that helped drive it late last week to a price not seen since 2021.
The paperwork filed with the state of Delaware is the first step in getting such a product approved. WisdomTree will have to make the filing with Wall Street’s top regulator the Securities and Exchange Commission (SEC) to get the process officially moving.
XRP is a digital coin created by the founders of fintech company Ripple. It’s the sixth-biggest digital asset by market cap and is used to move money across borders.
The asset has made headlines because the SEC has been involved in a lawsuit with Ripple since 2020, when it hit the firm with a $1.3 billion lawsuit. It alleged that Ripple and its founders sold unregistered securities in the form of XRP to raise money.
But Gary Gensler, the SEC’s current Chair, is due to step down in January, leading some industry observ
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Author: Mathew Di Salvo
