WisdomTree Joins the XRP ETF Race with Delaware Submission

Highlights:

• WisdomTree has joined the race to launch a potential XRP ETF with a fresh filing in Delaware.
• Renowned journalist Eleanor Terrett stated that the S-1 registration seems imminent following the latest ETF application.
• The final decision will rest on the SEC amid an incoming overhaul in the regulatory watchdog leadership.

In a trendy tweet, Fox Business Journalist Eleanor Terrett confirmed that WisdomTree has joined the race for an XRP Exchange Traded Fund (ETF). According to her, WisdomTree registered the filing for the ETF approval in Delaware. At the time of writing, Eleanor’s X post has attracted significant attention with over 800K views, thousands of reactions, and retweets.

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🚨NEW: Global ETF provider @WisdomTreeFunds has registered in the state of Delaware for an $XRP ETF. I have confirmed with the company this is a legitimate filing.

Wisdom Tree has over $100 billion in assets under management. pic.twitter.com/BXutcLIW3x

— Eleanor Terrett (@EleanorTerrett) November 25, 2024

It is worth noting that WisdomTree is a global ETF issuer with over $100 billion in assets under management (AUM). Its XRP ETF filing comes a few days after the SEC chairman, Gary Gensler, announced his intention to relinquish his chairmanship. Notedly, the SEC chairperson revealed in a tweet that he will step down on January 20, 2025.

On January 20, 2025 I will be stepping down as @SECGov Chair.

A thread 🧵⬇️

— Gary Gensler (@GaryGensler) November 21, 2024

Over the years, the Security and Exchange Commission (SEC) lawsuit saga against Ripple, XRP’s number one distributor, has restrained the token from attaining significant expansion. Hence, the latest filing, coupled with several others that have happened within this year, will undoubtedly spur new hope for XRP’s enthusiasts.

S-1 Registration Seems Imminent

In a follow-up tweet to the initial one relaying WisdomTree’s ETF intention, Eleanor revealed that the asset management firm will likely take the next feasible step, which entails an S-1 registration. “WisdomTree’s registration will likely be followed by an S-1 registration filing with the SECGov at some point,” she noted.

Additionally, she stated that if WisdomTree eventually completes the S-1 registration, it would join several other asset managers who recently presented theirs. In her post, she spotlighted Bitwise, Canary Capital, and 21Shares among entities that have submitted their S-1 registration.

Excluding the investment firms above, Grayscale launched an XRP Trust and intends to convert its multi-asset fund into an ETF. The proposed conversion will include XRP.

Final Decision Rests on the SEC

In the same tweet, Eleanor stated that the SEC remains in the best position to conclude on all filings it has received. According to her, the United States regulatory watchdog is already engaging with issuers because of several Solana (SOL) ETF applications. “It will be interesting to see how the agency responds to the wave of XRP ETF applications and whether they engage on those,” she added.

Wisdom Tree’s registration will likely be followed by an S-1 registration filing with the @SECGov at some point. They would then join other issuers who have recently filed S-1s for $XRP ETFs including @BitwiseInvest, @21Shares and @CanaryFunds. Additionally, @Grayscale launched… https://t.co/pTv75jzjgg

— Eleanor Terrett (@EleanorTerrett) November 25, 2024

As stated earlier in this insight, the SEC leadership will undergo an overhaul in the coming few months, evidenced by Gensler’s decision to step down and Trump’s pro-crypto stance. If this happens, it invariably implies that XRP’s ETF filings will start receiving recognition from the regulatory body. Hence, one could assert that XRP’s ETF launching might likely happen next year.

Meanwhile, despite the positive sentiments around XRP, the token has dropped by about 1.6% in the past 24 hours. It is changing hands at about $1.44. On CoinGecko, XRP ranks as the sixth most valuable cryptocurrency, with about $82.1 billion in market capitalization. XRP’s 24-hour trading volume has dropped by about 12.24% and boasts roughly $10.68 billion in valuation.

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