New Avenues Open for Accredited Investors to Invest in XRP
Recent reports from Fox Business indicate that accredited investors will soon have the opportunity to gain exposure to XRP through a novel type of depositary receipt. These financial tools, similar in function to American Depository Receipts (ADRs), offer a way to invest in XRP without needing to directly engage in transactions on cryptocurrency exchanges.
An Inventive Investment Framework
As reported by journalist Eleanor Teret, these depositary receipts will be offered through RDC and Digital Wealth Partners. This structure aims to connect traditional finance with the burgeoning world of cryptocurrency. Annapolis Digital, a secure custodian subject to regulatory oversight, will be in charge of protecting the digital assets that back these receipts.
Regulatory Updates and Market Traction
The regulatory landscape concerning XRP is constantly developing. Fox Business has reported that the New York Department of Financial Services is close to approving Ripple’s stablecoin, RLUSD. Concurrently, increased market interest in XRP has been apparent, as the altcoin has seen a considerable surge in value since October.
Advancements in XRP Spot ETF Proposals
Initiatives to introduce spot exchange-traded funds (ETFs) for XRP in the United States are gaining traction. The Chicago Board Options Exchange has filed 19b-4 forms on behalf of Bitwise and Canary Capital, marking a significant advancement toward securing regulatory approval. If the Securities and Exchange Commission (SEC) approves these applications, the review process is anticipated to take up to 240 days.
Furthermore, Grayscale, a prominent digital asset manager, has submitted a request to convert its XRP Trust into an ETF. The SEC has not yet formally responded to these applications.
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