Six major asset management companies - Bitwise, Canary Capital, CoinShares, Franklin Dunpton, 21 Shares and WisdomTree - submitted to the United States Securities and Exchange Commission (SEC) on Friday a S-1 amendment to the Cash XRP Exchange Trading Fund (ETF). Meanwhile, Grayscale submitted a new S-1 registration statement and plans to launch the Grayscale XRP Trust ETF.
These synchronized submissions represent a series of coordinated actions by the issuer to obtain final SEC approval. This submission coincided with strong market fluctuations following comments made by Federal Reserve Chairman Jerome Powell at Jackson Hall. Powell’s comments suggest that interest rates may be lowered at the September Fed meeting, which triggers an overall increase in risk assets.
At one point, the ITA passed its historic high of November 2021, reaching a new record of more than $4,887, and then fell slightly, while the XRP rose by 10 per cent on Friday, at a transaction price of $3.10. The increase in XRP also reflects the progress of the Ripple proceedings. Earlier today, the United States Court of Appeals for the Second Circuit granted a joint motion by Ripple and SEC to dismiss the appeal.
Long-standing legal disputes are in their final stages, as Defence counsel James Felen confirmed on Friday. The proposed amendment updates the registration declaration for funds directly held in the currency XRP associated with the Ripple payment network. While these submissions do not guarantee that approval will be forthcoming, they reflect an active dialogue between issuers and regulators during the review process.