The United States Securities and Exchange Commission has recently given a green light to the release of latest ETFs. As per the reports, the U.S. SEC has authorized the release of Ripple ($XRP) futures exchange-traded funds by ProShares, a prominent financial entity dealing with ETFs, on the 30th of April. The approval boosts confidence in the crypto market, showing the pro-crypto approach of the Trump administration.
ProShares Gets Approval from U.S. SEC for Exclusive $XRP Futures ETFs
The reports point out that the U.S. SEC has officially approved ProShares’ application to release the $XRP exchange-traded funds. These ETFs’ launch is scheduled for the 30th of this month. The platform already provides Bitcoin ($BTC) ETFs. Back in January, it proposed the development of 3 $XRP-linked exchange-traded funds.
ProShares’ exclusive $XRP futures ETFs will track the $XRP Index and price. The proposal took place on the 17th of January. The proposed ETFs included the Ultra $XRP ETF, the Ultra Short XRP ETF, and Short XRP ETF. The Ultra XRP ETF and Short XRP ETF will deliver 2x leverage and -1x leverage respectively.
Additionally, the Ultra Short XRP ETF will offer inverse -2x leverage. This proposal took place amid the election of Donald Trump, the crypto-proponent U.S. President. At that time, his flagship meme token $TRUMP also made notable surge, showing a great community confidence in his support for crypto.
Application for Spot $XRP ETFs Still Awaits Approval
The above-mentioned ETFs will serve as the 2nd, 3rd, and 4th $XRP-linked ETFs. Apart from that, on the 8th of this month, the earliest $XRP futures exchange-traded funds. These Teucrium-powered $XRP ETFs began their trading operations at the New York Stock Exchange, getting remarkable response from the community.
On the other hand, ProShares’ application for the spot $XRP ETFs is currently pending. Overall, these ETFs have the potential to provide a regulated method to get gains from the $XRP coin’s price movement.
