Spot-based XRP exchange-traded funds (ETFs) are gaining significant traction in the U.S., with Chicago-based CBOE filing 19b-4 forms on behalf of Bitwise and Canary Capital. 

These forms a major part of any ETF approval process that is meant to pave the way for future listings. 

When the SEC eventually acknowledges these forms, it will have 240 days to decide whether the products should be approved. 

As reported by U.Today, Bitwise initially filed to launch an XRP ETF back in October. Cananary funds joined the race during the same month with its own filing. 

Since then, several other issuers have also moved to propose similar products. 

Last week, Grayscale, the leading cryptocurrency asset manager, filed to convert its XRP trust into an ETF. 

It remains to be seen whether the SEC will acknowledge the recent ETF filings.

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