The race to launch the first spot XRP exchange-traded fund (ETF) has entered a decisive phase even as the crypto market faces steep losses. On October 10, the U.S. Securities and Exchange Commission (SEC) received a new set of S-1/A amendment filings for proposed XRP ETFs from 21Shares, Bitwise, Franklin Templeton, WisdomTree, Grayscale, and Canary Capital. 21Shares Files CME-Linked XRP ETF The latest filing from 21Shares outlines a fund designed to track XRP’s price using the CME CF XRP-Dollar Reference Rate (XRPUSD_NY), a recognized benchmark used by institutional investors. The ETF will be organized as a Delaware trust and will hold XRP in cold storage with Coinbase Custody Trust Company. Shares will list on the Cboe BZX Exchange, giving investors exposure to XRP through regular brokerage accounts. 21Shares XRP ETF Files S-1/A with SEC: Aims to Track XRP Price via CME Benchmark, Lists on Cboe BZX #XRP #ETF pic.twitter.com/8dqmdz3vXy — 𝗕𝗮𝗻𝗸XRP (@BankXRP) October 11, 2025 The filing confirms the ETF will be passive, with no use of leverage or derivatives. Authorized Participants will create or redeem shares in exchange for cash or XRP based on the CME benchmark. The document also notes the product carries high risk and lacks FDIC insurance or Investment Company Act protections. SEC Introduces Faster ETF Listing Rules Recent regulatory updates could speed up ETF approvals. For the first time, the SEC’s new generic ETF listing standards allow exchanges like Nasdaq, Cboe, and NYSE to list spot crypto ETFs without separate case-by-case approval. Previously, applications often took more than 240 days to process. The new rules could cut that to 60–75 days, a big change for issuers waiting in line. Crypto analyst Diana said that 21Shares and Canary have revised their filings to meet updated standards. Changes include: Clearer custody and redemption procedures Stronger surveillance-sharing agreements Full alignment with SEC feedback “These updates are the kind of cleanup you do right before launch,” she wrote on X. Launch Could Come in Early 2026 If the SEC stays on its current track, XRP ETFs could debut soon. The first issuer to meet the criteria will move ahead under the new fast-track process. The next steps include: Acknowledgment letters confirming receipt Exchange listing notices under new rules Effective S-1 status Any conditional approvals that may follow Uncertainty remains. The SEC could still delay decisions, especially given political tensions and the recent government shutdown.