Ripple (XRP) 
$1 investors have been eagerly waiting for the approval of the XRP Coin ETF, which is expected to receive clearance in the upcoming quarter. In the meantime, REX-Osprey is initiating an indirect listing of the XRP Coin ETF, similar to what it did for Solana 
$84. But how does this happen? The process involves differences between the 33 Act and the 40 Act.
XRP Coin ETF Listing
This week, REX-Osprey announced the XRP Coin ETF, stating that XRPR will start trading on the stock exchange. Although exciting for Ripple investors, it is not the kind of ETF approval and listing one might initially think of. This approach was first seen in crypto on July 2nd for Solana (SOL), when the Staked Solana ETF with the code SSK began trading, initiated by Rex Shares and Osprey Funds. The company exploits a significant legislative loophole.
Difference Between ETF and Trust
For example, the SSK allocates 80% of its assets indexed to Solana with 50% staked SOL. Products prepared under the 33 Act do not receive direct approval but are automatically approved and begin trading due to a lack of objections. However, ETFs under the 40 Act require approval from the SEC, meaning that the perspective of traditional ETF approval and listing does not apply here. What REX-Osprey executed for both SSK (Solana ETF) and XRPR (Ripple ETF) is essentially this.
The 33 Act considers this under a Trust framework, similar to the Grayscale Bitcoin 
$78,121 Trust launched by Grayscale and later converted into an ETF. Subsequently, the trust received ETF approval under the 40 Act and was converted into GBTC.
What REX-Osprey is doing is creating a product that can be listed without direct permission from the SEC, as long as there is no objection. They then market this under the names SSK or XRPR as if under the 40 Act (whether intentional or not, the excitement of the expected approvals in the last quarter is significantly exploited).
Everything is clear and straightforward. The so-called “ETF Approval” announcements are simply approvals of trusts disguised as ETFs, transforming the differences between the 40 and 33 Acts into a marketing strategy.
While this PR brought good initial volume for the Solana Trust SSK, as seen above, it experiences similar entries to normal crypto trusts. In summary, it’s a product wrapped as a Spot ETF (40 Act) under the guise of a (33 Act) product.
