Swiss asset manager 21Shares has submitted an application to the Securities and Exchange Commission (SEC) to launch a spot XRP ETF. This initiative underscores the increasing institutional interest in XRP, a sentiment echoed by Ripple's CEO, Brad Garlinghouse.

Garlinghouse emphasized the significance of this filing amidst the SEC's unsuccessful attempts to tackle the cryptocurrency market effectively. He pointed out the setbacks the SEC has faced in litigation related to cryptocurrencies, suggesting a favorable shift toward digital assets.

The submission of a Form S-1 by 21Shares highlights the readiness to introduce new financial instruments in the crypto domain, potentially paving the way for more innovation and broadening access to XRP investments.