The certification by the Cboe BZX Exchange regarding the 21Shares spot XRP ETF approval is fundamentally a compliance story. For a digital asset product to be listed on a major regulated exchange, it must navigate the intricate pathways of the Securities and Exchange Commission (SEC). This final administrative step is only possible because of clear legal precedents established earlier this year.
The pivotal factor, of course, was the legal ruling that determined XRP, in secondary market sales, did not constitute a security. That decision was the necessary predicate. Once that regulatory certainty was achieved, the path for exchange-listed products tracking XRP became viable, if not inevitable. The Cboe BZX filing serves as the final, binding confirmation that the exchange views the product as fully compliant under its current regulatory standards.
The Procedural Mechanics Paving Way for 21Shares spot XRP ETF approval: S-1/A and 8-A Registration
Credit from HODL Buzz
The regulatory process for the 21Shares spot XRP ETF approval involved two key SEC documents. First, the firm submitted an amended S-1 filing (S-1/A), which detailed the fund’s operational structure, risks, and fees. This was followed by the crucial 8-A registration, which the SEC automatically approved earlier.
The fact that the S-1/A filing remains marked “Subject to Completion” is purely procedural, signaling that the structure can handle final administrative changes but is functionally approved for listing. The Cboe BZX filing confirms they are now ready to absorb that listing and registration duties.
Custody and Investor Protection Requirements
From a regulatory perspective, the fund’s commitment to investor protection is key. The SEC, in its general scrutiny of spot crypto products, demands robust mechanisms to prevent market manipulation and protect assets. The 21Shares spot XRP ETF approval was aided by its adoption of the multi-custodian model, utilizing highly regulated institutions (Coinbase Custody, Anchorage Digital Bank, BitGo Trust). This redundancy in custody satisfies a critical regulatory requirement for safeguarding investors’ physical assets.
The fund’s reference rate—the CME CF XRP-Dollar Reference Rate—also provides a compliant, monitored price feed, mitigating concerns over price manipulation. Analysts contend that this stringent regulatory adherence is why the 21Shares spot XRP ETF approval was able to move so quickly through the final stages, firmly cementing XRP as a viable, regulated asset class.
