SEC Eyes XRP Crypto Trust for Stock Exchange Debut
Published Date: 2/21/2025
Notice
Summary
The Cboe BZX Exchange wants to start trading shares of the 21Shares Core XRP Trust, which is tied to the cryptocurrency XRP. This change lets investors buy and sell these shares on the exchange, making it easier to invest in XRP through a trusted fund. The SEC is now asking for public feedback before giving the green light, so this could happen soon and might shake up crypto investing.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Exchange listing for XRP trust shares
The Cboe BZX Exchange filed on February 6, 2025 (Amendment filed February 12, 2025) to list and trade shares of the 21Shares Core XRP Trust under BZX Rule 14.11(e)(4). If approved, you will be able to buy and sell shares that represent ownership of the Trust (which holds XRP, cash, or cash equivalents) on a national securities exchange.
Custody and audit protections for Trust XRP
The Trust will custody XRP with Coinbase Custody Trust Company, LLC and use segregated cold-storage addresses; the Custodian must identify Trust assets separately and will not loan or encumber the Trust's XRP. The Registration Statement says the Custodian maintains segregated accounts, the Custodian carries fidelity insurance, and Trust XRP movements are audited annually by an independent external audit firm.
Cash-only creation, NAV timing, and intraday values
The Trust will create and redeem Shares only in cash in Creation Baskets of 10,000 Shares; the Administrator will calculate NAV once daily using the Pricing Benchmark at 4:00 p.m. ET; and an Intraday Indicative Value (IIV) will be published every 15 seconds during Regular Trading Hours (9:30 a.m. to 4:00 p.m. ET). Because creations/redemptions are cash-only and NAV is calculated daily, Shares bought or sold intraday may trade at a premium or discount to NAV.
Trading delayed until S-1 is effective
The Trust's Shares will not trade on the Exchange until the Registration Statement on Form S-1 (dated November 1, 2024) is declared effective. This means you cannot buy or sell the Trust's Shares on the Exchange until the S-1 is effective and the SEC process is complete.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-11919 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule Concerning Equities Transaction Pricing
MEMX is changing its fees starting June 1, 2026, by lowering some rebates for certain stock trades that add liquidity, especially for hidden and price-improved orders. These updates affect traders and members who use MEMX, meaning they might earn a bit less back on some trades. The goal? Keep things fair and balanced while keeping the exchange running smoothly.
2026-11927 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rules 18.7 and 18.9 To Permit an Increase in Position and Exercise Limits for Options on IBIT
MEMX is raising the limits on how many options traders can hold and exercise for the iShares Bitcoin Trust ETF (IBIT). This change affects anyone trading IBIT options and lets them handle bigger positions starting right away. It’s designed to keep MEMX competitive and support growing market interest without any immediate cost impact.
2026-11922 — Self-Regulatory Organizations; Green Impact Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.240 (Trade Reporting and Dissemination of Quotations) To Conform With Amendments to Rules 600 and 603 of Regulation NMS Approved by the Commission That Concern the Reporting and Dissemination of Odd-Lot Information, and an Additional Ministerial Change to Rule 11.220 To Correct a Typographical Error
Green Impact Exchange is updating its trade reporting rules to match new federal rules about sharing odd-lot trade info (small stock orders). They’re also fixing a tiny typo in another rule. These changes take effect right away and help keep trading info clear and accurate for everyone involved.
Previous / Next Documents
Previous: 2025-02887 — Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 402, Criteria for Underlying Securities, To List and Trade Options on the Goldman Sachs Physical Gold ETF and Amend the Names of Certain Trusts To Reflect Their Current Names
MIAX Sapphire just updated its rules to let traders buy and sell options on the Goldman Sachs Physical Gold ETF, making gold investing more exciting and flexible. They also fixed some trust names to keep everything clear and up-to-date. These changes took effect right away, so investors can start trading without delay!
Next: 2025-02889 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule To Adopt a Tape A Quoting Tier
MEMX is rolling out a new Tape A Quoting Tier that rewards members who add displayed liquidity on stocks priced $1 or more. This change updates their fee schedule right away, giving traders a fresh way to earn rebates. If you trade Tape A securities, watch for these new perks starting now!