Asset manager 21Shares has filed for approval of a spot XRP exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC).

In a Nov. 1 SEC filing, 21Shares filed a Form S-1 for its Core XRP Trust shares to be listed and traded on the Cboe BZX Exchange. According to the filing, the trust does not provide investors with direct exposure to XRP $0.5162 but offers an "opportunity to indirectly access the market."

The Coinbase Custody Trust Company will act as the custodian for the investment vehicle's XRP should approval go through. Other asset management firms, including Bitwise, preceded 21Shares for their XRP ETF filings.

The SEC has approved spot Bitcoin BTC $69,699 and Ether ETH $2,514.95 exchange-traded funds in 2024 but has not responded to spot XRP applications from asset managers amid its lawsuit with Ripple Labs. The civil suit judgment, facing an appeal from the SEC and a cross-appeal from Ripple, included a federal judge ruling that the XRP token was not a security regarding programmatic sales on exchanges.

Related: First major step taken toward XRP ETFs: CME director

Since the SEC greenlighted spot Bitcoin ETFs in January, other asset management firms have been testing the waters for investment vehicles tied to different crypto assets. VanEck, 21Shares, and Canary Capital have all applied to list and trade shares of a spot Solana ETF, with Canary also proposing a Litecoin ETF in October.

The regulator can delay a decision or open comments on the ETF filings for months, potentially handing the reins over to a new administration. Many political experts have speculated that Democrat Kamala Harris or Republican Donald Trump could replace SEC Chair Gary Gensler if elected.