Swiss crypto asset manager 21Shares, formerly known as Amun, removed XRP from its stock-traded products (ETPs).

 

Affected products

Products affected include 21Shares’ flagship HODL or Crypto Basket Index ETP, KEYS or AXRP, a single asset ETP tied to Bitwise Select 10 ETP and XRP.

The move came after the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple and its executives Brad Garlinghouse and Chris Larsen.

The regulator sees XRP as a security, and says executives have raised billions of dollars through unregistered securities sales of XRP.

Interesting step taken

However, none of 21Shares’ ETPs are listed on US stock exchanges. So why did they remove XRP then? CEO Hany Rashwan said in a statement that the company’s index rules prohibit the inclusion of “any tokens that are securities and any tokens that may have liquidity issues.”

“The risk on both sides is high, particularly in the XRP market, particularly at a number of major over-the-counter (OTC) trading desks from Jump Trading and Galaxy Digital,” Rashwan said.

Since the SEC case, several exchanges have removed XRP support, including Bitstamp, OSL, CrossTower, and Beaxy. Crypto asset manager Bitwise liquidated the crypto index fund’s XRP position last week.

Meanwhile, 21Shares manages $ 250 million worth of assets in its products.

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