Brazil expected to launch world’s first spot XRP ETF following approval: report
Quick Take
- Brazil’s securities regulator has approved Hashdex’s spot XRP ETF, local media reported.
- Hashdex has not yet given a launch date for the fund.
- The U.S. SEC is currently reviewing a group of applications to launch spot XRP ETFs.
Brazil is expected to launch what could be the world's first spot XRP exchange-traded fund after Hashdex’s XRP fund received approval from the country’s regulator.
Brazil’s Securities and Exchange Commission (CVM) gave the greenlight to the Hashdex Nasdaq XRP Index Fund, according to a Wednesday report from local news source Portal do Bitcoin.
CVM's official website states that the Hashdex Nasdaq XRP Index Fund is currently in the pre-operational phase. The XRP fund is expected to launch on Brazil’s B3 exchange, though Hashdex has yet to announce a start date, according to the local media report.
Hashdex declined to comment on the matter.
The approval in Brazil comes amid a flurry of spot XRP ETF applications in the U.S. that are currently under review. The U.S. Securities and Exchange Commission has recently acknowledged a series of XRP ETF filings from 21Shares, Bitwise, Grayscale, CoinShares and others. Spot ETF applications based on other altcoins, such as Solana and Litecoin, have also been filed and acknowledged by the SEC.
Such filings and advancements follow the positive changes in the regulatory environment on cryptocurrencies brought about by the reelection of crypto proponent Donald Trump as President. Under the new administration, the SEC has pledged to bring more clarity to crypto regulations, with its recently established crypto task force focusing on determining which cryptocurrencies are not financial securities
Ripple, a developer of XRP, has been in a long-standing legal dispute with the SEC, initiated during the tenure of former chair Gary Gensler.
As the SEC's claim against Ripple alleges that it offered XRP as unregistered securities, some expect the legal dispute to pause, similar to the agency's lawsuit against Binance.
Trump also recently shared news articles about Ripple and XRP on his Truth Social account, which sparked speculations of a collaboration between Ripple and the Trump administration.
XRP rose 7% in the past 24 hours to trade at $2.70, according to The Block’s XRP price page.
Updated to include official response from Hashdex
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