Swiss asset manager 21Shares has confirmed that its planned US spot XRP exchange-traded fund (ETF) remains pending regulatory approval — marking what may be the final step before the fund begins trading. In a statement posted on X, 21Shares US wrote:
We are waiting for the SEC to declare us effective. Please wait for the announcement from our official socials.
The firm added later that “our official channels never made that announcement,” clarifying that the ETF has not yet been declared active.
The speculation intensified after 21Shares shared a screenshot showing its products appearing in search results on Vanguard’s brokerage platform.
The page displayed seven 21Shares crypto ETFs, including funds tracking bitcoin, solana, dogecoin and Sui, but did not include the planned XRP product.
In response to the post, users questioned why the XRP ETF was absent if the firm was suggesting progress. The visible listings led some investors to assume the XRP ETF was already approved and waiting to be added to the platform, prompting 21Shares to clarify that the product still requires the SEC to declare its registration effective before trading can begin.
Regulatory Changes: What’s New — and What Still Needs to Happen
The regulatory backdrop for crypto ETFs recently changed. On Sept. 17, the SEC approved new generic listing standards for commodity-based and crypto asset trust shares.
Under this framework, exchanges such as Cboe BZX Exchange, Nasdaq and NYSE Arca can list qualified spot-crypto ETFs once their registration statements (e.g., Form S-1 and, for share issuance, Form 8-A) become effective — without needing a separate 19b-4 exchange-rule filing per product.
In 21Shares’ case, the firm filed the required amendments in early November, beginning the standard 20-day SEC “effectiveness clock.” Once the registration becomes effective and the exchange posts a listing notice, the ETF becomes eligible to begin trading. However, infrastructure readiness (custody, clearing, DTCC listing) is not equivalent to regulatory approval — the “effective” filing status remains the gatekeeper.
21Shares is one among several firms racing to launch spot XRP ETFs under the SEC’s updated framework. The regulatory shift has lowered technical and procedural barriers for crypto ETPs — but it has not eliminated the need for a final SEC check.
That means while momentum remains high for altcoin ETFs and institutional crypto access, each fund still needs to clear the final regulatory and operational hurdles before trading can start.
Multiple Spot XRP ETFs Are Already in the Market
Several spot XRP ETFs have launched in the United States over the past month, creating tough competition for 21Shares.
As of Dec. 3, the category has attracted $50.27 million in daily net inflows, with cumulative inflows reaching $874.28 million across existing funds. Total net assets in listed XRP ETFs stand at $906.46 million and represent approximately 0.68% of XRP’s market capitalization.
Canary’s XRPC ETF holds approximately $355 million in assets, followed by Grayscale’s GXRP at about $226 million. Bitwise and Franklin Templeton products hold roughly $195 million and $130 million, respectively. The initial flows show that demand for regulated XRP exposure has formed, increasing attention on the timing of additional listings.
Despite rising inflows in ETF, XRP price is down 1.24% in the past 24 hours and stands at $2.14 at the time of this writing.
