Ripple CEO Brad Garlinghouse has commented on the increasing institutional interest in XRP following the recent filing by 21Shares to launch a spot-based XRP ETF. This comes after other companies like Canary Capital and Bitwise also submitted similar applications. The proposed fund, called the 21Shares Core XRP Trust, aims to provide investors with indirect exposure to XRP’s spot price without direct access to the asset. If approved, shares of the Core XRP Trust will be listed and traded on the Cboe BZX exchange.
Garlinghouse highlighted the institutional interest in XRP, citing filings from companies like Canary Capital, Bitwise, and 21Shares for spot-based XRP ETFs. He also mentioned Grayscale Investments’ relaunch of its XRP Trust and their request to convert their multi-asset fund into a spot-based ETF. Garlinghouse expressed that despite the SEC’s enforcement actions against XRP, institutional interest in the cryptocurrency remains strong. He criticized the SEC for its ongoing regulatory obstacles and stated that their disregard for court orders will further harm their reputation and credibility.
It is worth noting that Ripple and XRP are currently facing legal actions from the SEC, with a federal court ruling that XRP itself is not a security, but institutional sales were deemed as such. The SEC has filed an appeal to challenge the court’s decision on programmatic sales and other distribution aspects. Despite this, companies continue to pursue the launch of XRP ETFs, with three out of four filings submitted after the SEC appealed the Ripple ruling. A CEO from one of these companies expressed defiance against the SEC’s regulatory obstacles.