Despite the chatter on Crypto Twitter, the Depository Trust & Clearing Corporation (DTCC) pages indicate readiness for operations rather than actual approvals. Under the new generic-listing framework established by the Securities and Exchange Commission (SEC), the key indicators for a launch are an effective S-1 registration statement and an exchange listing notice, marking the actual start of the countdown to a fund’s launch.
It is important to clarify that the presence of XRP Exchange-Traded Funds (ETFs) on DTCC pages does not equate to approvals from the SEC. This listing signifies that the necessary infrastructure for clearing and settlement is being prepared in anticipation of a fund’s launch, but it does not imply that the SEC has greenlit anything. This point was emphasized by the firm during the 2023 Bitcoin surge, stressing that a listing on its site does not reflect a regulatory decision—a caution that remains relevant in this context.
Understanding the ETF Process: DTCC Workflows and SEC Regulations
According to DTCC, the ETF processing procedure involves creation, redemption, and post-trade workflows once a product is officially listed and effective. It is possible for operational records to exist prior to the first trade, ensuring that all participants can connect seamlessly. In September, the regulatory landscape underwent a change, with the SEC approving generic listing standards for commodity-based trust shares on exchanges like NYSE Arca, Nasdaq, and Cboe BZX. This allows exchanges to list qualifying spot commodity Exchange-Traded Products (ETPs) without needing individual 19b-4 approvals for each product.
However, issuers are still required to have an effective registration statement, typically an S-1, before trading can commence. The SEC’s changes in exchange rules have shifted the bottleneck from exchange approval to the effectiveness of disclosures and operational readiness. For XRP, the implication is straightforward: a standard spot trust conforming to the generic standards can be listed once its S-1 receives official approval, and the exchange publishes a listing circular detailing the ticker and launch date.
From Speculation to Reality: The XRP ETF Approval Checklist
The checklist for actual approval has become straightforward and can be verified quickly by investors. The SEC must declare the S-1 effective, which finalizes aspects such as fees, creation unit size, custody, and risk disclosures, often incorporating references to agreements with Authorized Participants. Following this, the listing exchange is responsible for issuing a public notice that establishes the ticker symbol and listing date. Operational confirmations will then be issued, including crucial elements like DTC eligibility, NSCC readiness, and CUSIP assignments, all necessary for settlement but not definitive on their own.
Currently, there are legitimate XRP filings available in the EDGAR database, and while they are recent, none equate to an approval. For instance, Grayscale submitted an S-1 for the Grayscale XRP Trust in August, with subsequent amendments in October and November that reference the NYSE Arca listing procedures and Authorized Participant agreements. Franklin’s filing includes a counsel exhibit tied to its registration number dated November 4. CoinShares provided an S-1 detailing its approach to forks and airdrops, while Teucrium alluded to a leveraged daily XRP product in its filings from April. ProShares also updated its Ultra and Short XRP materials, which are more likely to fall outside the new generic standards due to their leveraged nature.
The circulating rumors suggesting that five or nine XRP ETFs are already on the DTCC platform mix factual operational observations with incorrect conclusions. Entries can appear while issuers and exchanges finalize their documentation, participants test the creation of baskets, and custodial arrangements are established. As clarified by the DTCC, operational status does not serve as a reliable indicator of SEC approvals. Therefore, any count of entries should be treated as speculative marketing until each record corresponds with a declared-effective S-1 and an associated public listing circular.
Implications of DTCC Limits Once XRP ETFs Are Active
Market-structure limitations also play a critical role. The DTCC has previously set restrictions on the collateral treatment for crypto-linked ETFs, which, while not affecting the approval process, can influence the financing and prime services available around the funds once they are launched. Investors can navigate this landscape more effectively by adhering to a three-step verification process: first, check EDGAR for an S-1 that has been declared effective; second, consult the exchange’s website for a listing circular detailing the ticker and listing date; and finally, examine DTCC or DTC records for eligibility and CUSIP as operational confirmation. If the first two steps are not met, it indicates the absence of approval.
Current Status of XRP ETF Filings
Below is a summary of the current status of various XRP ETF filings:
- Grayscale XRP Trust – S-1 and amendments filed on November 3, 2025; includes references to authorized participant agreements and NYSE Arca pathways.
- Franklin XRP Trust – S-1 and counsel exhibit filed on November 4, 2025; includes an exhibit related to registration number 333-285706.
- CoinShares XRP ETF – S-1 filed in 2025; addresses fork and airdrop handling.
- Teucrium XRP ETFs – N-1A and correspondence filed on April 7, 2025; notes a 2x daily product outside the generic lane.
- ProShares Ultra/Short XRP – N-1A post-effective amendments filed on April 30, 2025; leverage products require specialized review.
- Bitwise XRP ETF – S-1 and amendments filed on October 31, 2025; amendment No. 4 related to generic commodity-based trust standards.
- Canary XRP ETF – S-1 and amendments filed on October 24, 2025; includes an updated prospectus and expert consent.
- 21Shares XRP ETF – S-1 and amendments filed on November 7, 2025; Cboe BZX-listed spot trust with the latest S-1/A and counsel opinion filed.
- WisdomTree XRP Fund – S-1 submitted on December 2, 2024; registration statement for a spot XRP ETF.
- Volatility Shares XRP ETFs – N-1A post-effective amendments filed on May 21, 2025; includes XRPI (1x) and XRPT (2x) XRP futures ETFs registered via N-1A.
The overarching message remains unchanged in the era of generic standards. While DTCC entries suggest that the path for settlement is clear once a fund is ready, they do not serve as a proxy for the SEC’s decision. The definitive indicators are an effective S-1 and a listing circular that specifies the ticker and date. Until these elements are in place, no XRP ETF exists.
