CME Executive: XRP ETF Now Has Key Benchmark Index

Tim McCourt, Senior Managing Director of the Chicago Mercantile Exchange (CME), stated that a significant first step has been taken for the launch of an XRP ETF. CME has an XRP reference rate and real-time index, which is the first step in building this ecosystem with over 50 real-time prices and reference rates. This is crucial for product providers like Bitwise because they can at least point to a fully regulated benchmark. A week ago, the U.S. Securities and Exchange Commission received an application for an XRP ETF from Canary Capital, making Canary the second provider to apply for an XRP ETF after Bitwise Asset Management.