$XRP ETF 19b-4 Filings Are In: Will Ripple CEO Be An Advisor For Trump Crypto Council?

Cboe BZX Exchange has filed 19b-4 forms with the U.S. Securities and Exchange Commission (SEC) for four XRP exchange-traded funds (ETFs), marking a progress in the potential issuance of XRP ETFs.

In particular, Cboe BZX filed for the WisdomTree XRP Fund, Bitwise XRP ETF, 21Shares Core XRP Trust, and the Canary XRP ETF.

What happens next after Cboe BZX's filings?

The filings are part of a process before a new ETF is issued. The 19b-4 filings mean that Cboe BZX is asking the SEC to allow the exchange to list and trade the said ETFs.

At the SEC, 19b-4 forms are partnered with S1 filings, which are forms accomplished by the applying issuers. Following this, the SEC will determine whether the proposed ETFs are good to go for trading.

Notably, Cboe said in its filings that it believed it was applying "proper legal standards in making a good faith determination that XRP is not under these circumstances a security under federal law."

Cboe's statements refer to the legal status of the XRP token, the native cryptocurrency of the XRP Ledger. A federal judge ruled in 2023 that XRP was not a security when sold to exchanges, but the SEC under former Chair Gary Gensler appealed the ruling.

It remains to be seen how the new SEC under Acting Chair Mark Uyeda will move regarding the said appeal.

Despite a lack of clarity due to the appeal, hopes are high that the SEC, under new leadership, will provide the answers that the Gensler SEC denied to XRP holders over the years.

Brad Garlinghouse to have a role at WH crypto council?

Cboe's filing, on behalf of WisdomTree, Bitwise, 21Shares, and Canary Capital, came after it was reported that Ripple CEO Brad Garlinghouse was one of the people on a "shortlist" for two dozen coveted advisory seats at U.S. President Donald Trump's crypto council.

Trump has said he wanted to make crypto great again by revitalizing innovation at home by driving growth onshore, following the offshore move of blockchain talents due to regulatory uncertainty.

As part of the Trump government's efforts toward driving crypto and blockchain growth in the country, he announced a "crypto council" that will help the administration with its crypto policies.

The presidential crypto council will be composed of "luminaries" from the industry, Trump said in his December announcement.

Sources revealed earlier this week that there were "lots of people gunning for a spot" in the council, but the White House prioritized people with real experience over those who only showed support because they realized Trump had a clear lead in the 2024 elections.

Ripple is the largest known corporate holder of XRP, and Garlinghouse has been calling for the consideration of a digital assets reserve that includes proven and tested cryptocurrencies, not just a strategic Bitcoin reserve.

Getting a seat at the Trump crypto council is crucial, as it could mean having a voice in future regulatory frameworks and policies for the emerging industry.