SEC Debates Bringing XRP ETF to Nasdaq Amid Old Grudges
Published Date: 5/29/2025
Notice
Summary
The SEC is deciding whether to approve Nasdaq’s plan to list and trade shares of the CoinShares XRP ETF, a fund tied to the cryptocurrency XRP. This affects investors interested in crypto ETFs and could open new trading options on Nasdaq. The SEC will make a decision by May 26, 2025, which could impact how and when these shares become available to the public.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 0 costs, 2 mixed.
Possible Nasdaq Listing of XRP ETF
The SEC is considering Nasdaq’s proposal to list and trade the CoinShares XRP ETF, a fund tied to the cryptocurrency XRP. The Commission will decide whether to approve or disapprove the listing by May 26, 2025, which will determine if these shares can be traded on Nasdaq.
Product Structure: XRP Holdings and Redemptions
If listed, the CoinShares XRP ETF would hold only XRP and cash and value its shares daily using the Compass Crypto Reference Index XRP (4 p.m. New York time). The Trust would sell or redeem shares in cash only and only in blocks of 5,000 shares with authorized participants.
SEC Seeks Comments on Fraud and Protection Risks
The SEC is asking for public comment on whether listing the XRP ETF would prevent fraudulent or manipulative acts and protect investors under Section 6(b)(5). Written comments are requested by June 20, 2025, and rebuttal comments must be filed by July 3, 2025.
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Previous / Next Documents
Previous: 2025-09628 — Self-Regulatory Organizations; Nasdaq Stock Market LLC; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the CoinShares Litecoin ETF Under Nasdaq Rule 5711(d) (Commodity Based Trust Shares)
The SEC is deciding whether to approve Nasdaq’s plan to list and trade shares of the CoinShares Litecoin ETF, a new fund tied to the cryptocurrency Litecoin. This affects investors who want an easy way to buy Litecoin through the stock market. The decision will be made by May 26, 2025, and could open up fresh trading opportunities and money moves in crypto investing.
Next: 2025-09630 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the Bitwise XRP ETF Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
The SEC is deciding whether to approve the Bitwise XRP ETF to be traded on the Cboe BZX Exchange. This affects investors interested in cryptocurrency ETFs and could open new trading opportunities soon. The decision deadline is May 25, 2025, and if approved, it could impact how people invest in XRP through a regulated exchange.