21Shares Pursues SEC Approval for Spot XRP ETF

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Table of Content

In today edition we talk about

• 21Shares Pursues SEC Approval for Spot XRP ETF Amid Rising Crypto ETF Interest

• Mt. Gox Transfers $35M in Bitcoin to Unknown Addresses, Unclear if Linked to Repayments

• BitGo Appoints Former Silvergate President to Lead USD Standard Stablecoin Amid Expanding Market

• Crypto Voter’s Guide: Key Congressional Bills on Digital Assets for the 2024 U.S. Election

21Shares Pursues SEC Approval for Spot XRP ETF Amid Rising Crypto ETF Interest

Investment firm 21Shares recently filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch a spot XRP exchange-traded fund (ETF). Named the 21Shares Core XRP Trust, the fund aims to list on the Cboe BZX Exchange, with Coinbase Custody Trust Company serving as its custodian.

Following a wave of SEC-approved crypto ETFs earlier this year, including Bitcoin and Ethereum ETFs, several firms—like VanEck, Canary Capital, and Bitwise—have filed for crypto ETFs focused on assets like Solana, Litecoin, and now XRP. However, no spot XRP ETF has been approved by the SEC, and if successful, this could mark a significant expansion of U.S. investor access to digital assets.

The XRP landscape remains complex, partly due to the ongoing Ripple lawsuit. A judge previously ruled some Ripple XRP sales did not violate securities laws, though certain institutional sales were deemed securities. Ripple has been ordered to pay $125 million in fines, and both the SEC and Ripple are currently appealing parts of the court's decision.

Mt. Gox Transfers $35M in Bitcoin to Unknown Addresses, Unclear if Linked to Repayments

On November 1, around 500 Bitcoin (worth $35 million) linked to the defunct Mt. Gox exchange was moved to unknown addresses, according to blockchain platform Arkham. This latest activity—two transactions of 31.78 BTC and 468.24 BTC—marks the first large transfer from Mt. Gox wallets in about a month. However, it remains uncertain if the transaction is part of ongoing creditor repayments.

Despite recent transfers, approximately 44,905 BTC (about $3.1 billion) is still held in Mt. Gox-linked addresses. Earlier, the exchange postponed its creditor repayment deadline by a year to October 31, 2025, due to procedural and system-related delays.

Originally one of the largest Bitcoin exchanges, Mt. Gox collapsed in 2014 after multiple hacks. The possible liquidation of its remaining BTC has raised market concerns, though recent price corrections in Bitcoin are not directly linked to this latest Mt. Gox transfer.

BitGo Appoints Former Silvergate President to Lead USD Standard Stablecoin Amid Expanding Market

Crypto custody firm BitGo has hired Ben Reynolds, former President of Silvergate Bank, to oversee the development of its upcoming stablecoin, USD Standard, which is set to launch early next year. Reynolds, known for building the Silvergate Exchange Network, joins BitGo as the USD-pegged stablecoin market continues to grow, with companies like PayPal and Ripple entering the space.

BitGo’s USD Standard aims to stand out with an open-participation model that rewards participants supporting the ecosystem. CEO Mike Belshe praised Reynolds’ experience in digital asset payment infrastructure, highlighting his role in BitGo's expansion. Previously, Reynolds also held roles at HSBC and KPMG.

Crypto Voter’s Guide: Key Congressional Bills on Digital Assets for the 2024 U.S. Election

With digital asset policy becoming a significant topic in the 2024 U.S. elections, crypto advocates are closely following key legislation as industry leaders push for clearer regulations and frameworks. Here’s a brief overview of critical bills shaping the landscape:

• Financial Innovation and Technology for the 21st Century Act (FIT21): Introduced by Rep. Glenn Thompson, this bill seeks to establish a regulatory framework that brings decentralized digital assets under the Commodity Futures Trading Commission (CFTC), while the SEC retains authority over securities. It passed the House in May 2024 and awaits Senate review.

• CBDC Anti-Surveillance State Act: Led by Rep. Tom Emmer, this bill aims to block the Federal Reserve from issuing a consumer-facing central bank digital currency (CBDC), reflecting privacy concerns. It passed the House in May 2024 and is pending in the Senate.

• Clarity for Payment Stablecoins Act: A reintroduced bill from Rep. Patrick McHenry, it proposes regulations for USD-backed stablecoins, allowing state regulation for smaller issuers. The bill has advanced to the House floor, with a similar Senate proposal from Senators Lummis and Gillibrand.

• Digital Asset Anti-Money Laundering Act: Proposed by Sen. Elizabeth Warren, this bill would extend Bank Secrecy Act requirements to digital asset providers. The bill faces significant pushback and has not passed either chamber.

• Financial Technology Protection Act: Rep. Zachary Nunn’s bill creates a working group to counter illicit financial activities in emerging technologies. Passed by the House, it is under Senate consideration.

• Equal Opportunity for All Investors Act: Sponsored by Rep. Mike Flood, this bill aims to broaden “accredited investor” qualifications to include those who pass an SEC-administered knowledge test. It passed the House but awaits Senate approval.

• Blockchain Regulatory Certainty Act: Rep. Tom Emmer’s bipartisan bill exempts blockchain developers from traditional financial reporting, provided they don’t handle customer funds. Approved by the House Financial Services Committee, it awaits a House vote.

• Keep Your Coins Act: Introduced by Rep. Warren Davidson, this bill would protect U.S. citizens’ right to use self-custodial wallets for transactions. It remains in early stages, pending further support.

This legislative lineup highlights key issues on crypto regulation, privacy, investor access, and financial security, giving voters insight into where candidates stand on digital asset policy.

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