SEC's Dual Review of WisdomTree's Crypto ETFs Signals Regulatory Crossroads
WisdomTree has registered a cryptocurrency index fund in Delaware that tracks the top 20 digital assets, including XRPXRP--, SolanaSOL-- (SOL), CardanoADA-- (ADA), ChainlinkLINK-- (LINK), Sui, and HederaHBAR-- Hashgraph (HBAR) [1]. The fund, filed with the Delaware Division of Corporations on September 22, is positioned to streamline regulatory approval under the U.S. Securities and Exchange Commission’s (SEC) newly implemented generic listing standards. These standards, which eliminate the 19b-4 form requirement, reduce the approval timeline for crypto funds to 75 days [1]. The move reflects growing institutional interest in digital assets and aligns with broader market trends toward mainstream adoption of blockchain-based investments.
The SEC’s recent policy shift has accelerated the pace of crypto fund filings, with WisdomTree’s fund expected to file an S-1 registration with the SEC in the coming days [1]. Bloomberg ETF analyst Eric Balchunas noted that the generic listing standards are likely to spur a wave of new crypto ETF and ETP applications, though the SEC has yet to approve any spot-priced altcoin ETFs under the Securities Act of 1933 [1]. REX-Osprey and Tuttle have secured approvals under the Investment Company Act of 1940, with REX-Osprey’s XRP and DogecoinDOGE-- ETFs achieving record debut demand.
Market reactions to WisdomTree’s announcement were immediate. XRP, SOLSOL--, and ADAADA-- prices surged by approximately 2% within an hour of the filing, though broader crypto markets faced downward pressure due to macroeconomic jitters, monthly options expiry, and Bybit hack rumors [1]. XRP’s price climbed to $2.85, recovering from a 24-hour low of $2.78, while trading volume increased by 94% in the same period [1]. Solana and Cardano, however, remained underperforming, with SOL trading 7% below its 24-hour high and ADA down 4% despite buy-the-dip sentiment.
Separately, the SEC has initiated a formal review of WisdomTree’s XRP Trust, a standalone ETF proposal that would track the performance of XRP using the CME CF Ripple-Dollar Reference Rate [2]. The fund, which would settle shares in cash and hold only XRP, cash, and cash equivalents, is proposed for listing on the Cboe BZX Exchange. The SEC’s notice of proceedings, published on May 27, cited Section 6(b)(5) of the Exchange Act, requiring the proposal to prevent manipulative acts and fraud [2]. Public comment periods are open for 21 days, with rebuttals allowed for 35 days.
WisdomTree’s XRP Trust is one of several competing proposals for U.S. spot XRP ETFs, alongside applications from Bitwise, Grayscale, and Franklin Templeton [2]. The fund’s structure, which avoids in-kind redemptions and relies on daily valuations at 4:00 p.m. ET, aims to address regulatory concerns about liquidity and price discovery. If approved, it would mark a significant milestone for XRP’s institutional adoption, offering direct exposure to the asset in a regulated framework.
The SEC’s dual-track approach—reviewing both the broader Top 20 Index Fund and the XRP-specific Trust—highlights the agency’s cautious yet evolving stance on crypto assets. While the generic listing standards have streamlined approvals, the absence of a clear framework for spot-priced altcoin ETFs underscores ongoing regulatory uncertainty. WisdomTree’s filings, however, signal confidence in the market’s resilience and the potential for crypto to integrate into traditional investment portfolios.
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