- WisdomTree, a New York-based asset manager has filed an application to launch an XRP ETF joining early applicants like Bitwise, Canary Capital, and 21 Shares.
- Ripple has integrated with Archax, the United Kingdom’s first Financial Conduct Authority (FCA)-regulated cryptocurrency exchange, broker, and custodian, to launch the world’s first tokenized money market fund on the XRP Ledger (XRPL).
WisdomTree, a New York-based asset manager firm has filed an application to launch an XRP ETF. This application will see the firm joins early applicants like Bitwise, Canary Capital, and 21 Shares. Notably, the number of applicants continues to grow with every onset, demonstrating increased demand for cryptocurrency ETFs.
It is worth noting that WisdomTree’s application aligns with Ripple’s partial victory in its legal battle with the SEC, where a judge ruled in favor of Ripple that XRP is not a security under certain conditions. This ruling bolstered investor confidence, although uncertainty persists as the SEC’s appeal remains pending.
🚨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
Not far from that, the U.S. presidential election in 2024 adds another layer of complexity. Donald Trump’s victory has fueled speculation that his administration could foster a more crypto-friendly regulatory environment.
Reminiscing, Donald Trump promised to fire SEC chair, Gary Gensler on day one of office. Though his promise hung in the balance, fate intervened with a stunning surprise. Via a tweet on the X platform, Gary Gensler stated that he would be resigning from office not later than January the 20th.
This, combined with a more favorable stance under the Trump administration could accelerate the approval of crypto ETFs, positioning early applicants like WisdomTree at the forefront of the next wave of institutional crypto adoption.
In the same vein, WisdomTree application comes hot on the heels after Ripple’s XRPL continues to reshape the financial landscape with a groundbreaking initiative. As earlier reported, Ripple has integrated with Archax, the United Kingdom’s first Financial Conduct Authority (FCA)-regulated cryptocurrency exchange, broker, and custodian, to launch the world’s first tokenized money market fund on the XRP Ledger (XRPL).
Ripple has showcased great confidence in the future tokenized assets. This was evidenced by the $5 million commitment within Abrdn’s US dollar Liquidity Fund. This move aligns with Ripple’s ambitious plans to capture a significant share of the RWA market, which Boston Consulting Group projects will grow to $16 trillion by 2030.
It is worth mentioning that tokenization reduces the need for intermediaries, significantly lowering transaction costs and settlement times. It also unlocks new opportunities for fractional ownership, enabling broader access to high-value investments. Ripple projects the asset tokenization market could reach $16 trillion by 2030, with XRPL poised to play a pivotal role.
Meanwhile, Ripple’s XRP at the time of writing has recorded a slight drop on its market value. the digital asset is swapping hands with $1.36Â marking a 3.32% drop in the last 24 hours. However, the asset has positively performed with a 23.96% and 164.02% surge in the past week and month respectively.
