21Shares Excludes Ripple Token From Its ETPs

The Swiss asset manager 21Shares, overseeing $250 million in assets, has removed Ripple’s XRP token from exchange-traded products (ETP).

The asset was removed from the Crypto Basket Index ETP and the Bitwise Select 10 ETP. The removal of XRP from AXRP led to the instrument’s closure, as the product consisted only of XRP.

21Shares removed XRP from its products to avoid falling under the SEC’s regulatory remit.

Additionally, CEO Hani Rashwan сказал The Block that the company aims to avoid potentially illiquid tokens.

“The risk on both sides is high, especially in light of XRP’s delisting from major over-the-counter venues, in particular Jump Trading and Galaxy Digital,” commented Hani Rashwan.

The regulator claims that the company raised billions of dollars through unregistered sales of securities.

As reported, after the SEC’s lawsuit, several exchanges stopped supporting XRP, including Bitstamp, OSL, CrossTower and Beaxy. Bitwise Asset Management also removed XRP from its cryptocurrency index fund last week.

Despite the latest events, Ripple CEO Brad Garlinghouse expressed confidence that the company will continue to develop despite the fallout from the litigation with the U.S. regulator.

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