WisdomTree Files for Ripple (XRP) ETF in Delaware

WisdomTree Funds filed registration paperwork in Delaware on Nov. 25, taking a step toward launching an XRP exchange-traded fund (ETF).

The development was first reported by Fox Business reporter Eleanor Terrett, who shared the asset management firm’s confirmation of the filing’s legitimacy via a social media post.

Introducing WisdomTree

This filing marks the initial phase in obtaining regulatory approval for the XRP ETF. To move forward, WisdomTree must file a formal S-1 filing with the Securities and Exchange Commission (SEC), which will begin the official review process.

The company joins other industry players like Bitwise, Canary Capital and 21Shares in the race to introduce an XRP ETF in the United States. WisdomTree is not new to crypto-based ETFs, having received commission approval for a spot Bitcoin ETF and currently running an Ethereum ETF that trades in European markets.

The potential for a spot XRP ETF has been a topic of interest in the crypto industry. Ripple CEO Brad Garlinghouse has been a vocal supporter of this product, recently highlighting his belief in the inevitability of altcoin ETFs, including one for XRP.

Last week, Nate Geraci predicted an increase in spot crypto ETF filings, citing pro-crypto regulatory momentum following Donald Trump’s return to the White House. Geraci called the current climate an “optimal time” for providers to act. WisdomTree’s filing appears to align with that forecast.

Regulatory challenges and schedule delays

However, the road ahead is far from clear. Bloomberg analyst James Seyffart warned in an interview that regulatory hurdles for altcoin ETFs, including XRP, remain significant. Unlike Bitcoin and Ethereum, which benefited from connections to CME-regulated futures markets, altcoins do not have an established framework.

“Without a regulated market of significant size, the SEC has historically denied altcoin ETF applications,” explained Seyffart. He added that issues such as market manipulation, custody and compliance must be addressed before these products can move forward.

He also highlighted the difference between ETF filing processes. While Rule 19b-4 filings begin a formal review period with fixed deadlines, S-1 filings like WisdomTree’s XRP ETF application do not have strict deadlines. This difference means that altcoin ETF applications could face prolonged delays, with decisions potentially stretching into late 2025.

However, the analyst also mentioned that changes in SEC leadership could affect how quickly approvals happen. He explained that with current chairman Gary Gensler confirming he will step down in January, a new agency head could speed up the process, but it’s unclear how much that will affect the dates.

Seyffart also noted that multi-asset index ETFs, such as Grayscale’s GDLC and Bitwise’s Crypto 10 Index, could face fewer problems because of their heavy focus on Bitcoin and Ethereum. However, SEC approval will depend on whether smaller altcoin allocations meet compliance standards.

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