Brazil Approves World's First Spot XRP ETF

Brazil has made history by approving the world's first spot XRP exchange-traded fund (ETF), which will be managed by Hashdex and traded on the B3 stock exchange. This approval by the Brazilian Securities and Exchange Commission (CVM) marks a significant step in Brazil's leadership in the crypto market, outpacing the United States, where the SEC is still reviewing XRP ETF applications. The fund is in its pre-operational phase with an official launch date yet to be announced. The approval reflects increasing institutional interest in XRP and positions Brazil as a pioneer in crypto investments, having previously launched the first Solana ETF. The news has positively impacted XRP's value, which saw a notable increase amidst anticipation of further crypto ETF approvals. Meanwhile, the U.S. SEC's acknowledgment of several spot XRP ETF applications indicates a potential shift in regulatory stance under the new administration.