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XRP Spot ETF in the U.S. Moves Closer to Reality
The SEC is evaluating whether a proposed XRP ETF by WisdomTree offers enough investor protection and safeguards against manipulation.
May 28, 2025, 8:06 a.m.
What to know:
- The SEC has begun reviewing the WisdomTree XRP Trust, a proposed spot ETF offering exposure to XRP without direct token ownership.
- This marks the first SEC review of a U.S.-based spot XRP ETF, potentially paving the way for similar crypto asset products.
- The SEC has 240 days to decide on the application, while seeking public input on market manipulation and investor protection concerns.
The U.S. Securities and Exchange Commission (SEC) has formally initiated a review of the WisdomTree XRP Trust, a proposed spot exchange-traded fund (ETF) that would provide investors with exposure to XRP .
Filed by the Cboe BZX Exchange, the application marks the first formal SEC review of a U.S.-based spot XRP ETF. If approved, it would be the first spot XRP ETF in the U.S. — a milestone that could open the door for similar products across other crypto assets.
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The product would track XRP’s market price via the CME CF Ripple-Dollar Reference Rate, allowing investors to gain XRP exposure through traditional brokerage accounts, bypassing the need for private keys or self-custody.
The SEC published its notice under Release No. 34-103124, initiating a more thorough evaluation of the application. The Commission now has up to 240 days to approve or reject the filing.
In the meantime, the agency is soliciting public comments on whether the ETF’s design adequately addresses concerns related to market manipulation and investor protection.
Meanwhile, in a letter submitted to the SEC’s crypto taskforce this week, Ripple’s Chief Legal Officer, Stuart Alderoty, reiterated that XRP should not be treated as a security in and of itself.
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"Rules must be clear not just for issuers, but for all market participants who could be unwittingly classified as securities exchanges, brokers, dealers, or issuers," Alderoty wrote, adding that overreliance on vague terms like “fully functional” or “decentralized” creates more regulatory confusion than clarity.
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Bilinmesi gerekenler:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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XRP Faces Downside Risk as Social Sentiment Turns Wildly Negative
The turn in crowd mood comes after a two-month slide of roughly 31%, leaving the token vulnerable to further downside if risk appetite weakens across majors.
Bilinmesi gerekenler:
- XRP's price approached the $2 mark as social sentiment around the token turned sharply negative, according to Santiment data.
- The token has experienced a 31% decline over two months, making it vulnerable to further losses if market risk appetite weakens.
- Santiment's sentiment model indicates XRP is in a 'fear zone,' where negative commentary significantly outweighs positive talk, potentially influencing market positioning.
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