Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 154

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 154
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 profitability to the
Sponsor and other service providers of the operation of the Trust, any obstacles or costs relating to the operation or regulatory compliance
of the Trust relating to the determination’s triggering event, and the ability to market the Trust to investors. To the extent that
the Sponsor determines to continue operation of the Trust following a determination’s triggering event, the Trust will be required
to alter its operations to comply with the triggering event. In the instance of a determination that the Trust is an investment company,
the Trust and Sponsor would have to comply with the regulations and disclosure and reporting requirements applicable to investment companies
and investment advisers. In the instance of a determination that the Trust is a commodity pool, the Trust and the Sponsor would have to
comply with regulations and disclosure and reporting requirements applicable to commodity pools and commodity pool operators or commodity
trading advisers. In the event that the Trust is determined to be a money transmitter, the Trust and the Sponsor will have to comply with
applicable federal and state registration and regulatory requirements for money transmitters and/or money service businesses. In the event
that the Trust ceases to qualify for treatment as a grantor trust for U.S. federal income tax purposes, the Trust will be required
to alter its disclosure and tax reporting procedures and may no longer be able to operate or to rely on pass-through tax treatment. In
each such case and in the case of the Sponsor’s determination as to whether a potential successor trustee or custodian is acceptable
to it, the Sponsor will not be liable to anyone for its determination of whether to continue or to terminate the Trust.

Upon the dissolution of the
Trust, the Sponsor (or in the event there is no Sponsor, such person (the “Liquidating Trustee”) as the majority in interest
of the beneficial owners of the Trust may propose and approve) shall take full charge of the property of the Trust. Any Liquidating Trustee
so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred
upon the Sponsor under the terms of the Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon
the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations
and expenses of the Trust. Thereafter, in accordance with section 3808(e) of the DSTA, the affairs of the Trust shall be wound up
and all assets owned by the Trust