Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 113

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 113
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 asset space and established an inter-agency
working group for artificial intelligence and digital assets that is tasked with proposing a regulatory framework governing the issuance
and operation of digital assets, including stablecoins, in the United States.

In March 2022, Representative
Stephen Lynch, along with co-sponsors Jesús G. García, Rashida Tlaib, Ayanna Pressley, and Alma Adams, introduced
H.R. 7231, the Electronic Currency and Secure Hardware Act (“ECASH Act”), which would direct the Secretary of the U.S. Treasury
Department (not the Federal Reserve) to develop and issue a digital analogue to the U.S. dollar, or “e-cash,” which
is intended to “replicate and preserve the privacy, anonymity-respecting, and minimal transactional data-generating properties
of physical currency instruments such as coins and notes to the greatest extent technically and practically possible,” all without
requiring a bank account. E-cash would be legal tender, payable to the bearer and functionally identical to physical U.S. coins
and notes, “capable of instantaneous, final, direct, peer-to-peer, offline transactions using secured hardware devices that do
not involve or require subsequent or final settlement on or via a common or distributed ledger, or any other additional approval or validation
by the United States Government or any other third party payments processing intermediary,” including fully anonymous transactions,
and “interoperable with all existing financial institutions and payment systems and generally accepted payments standards and network
protocols, as well as other public payments programs.”

In April 2022, Senator Pat
Toomey released a draft of his Stablecoin Transparency of Reserves and Uniform Safe Transactions Act, or Stablecoin TRUST Act. The draft
bill contemplates a “payment stablecoin,” which is convertible directly to fiat currency by the issuer. Only an insured depository
institution, a money transmitting business (authorized by its respective state authority) or a new “national limited payment stablecoin
issuer” would be eligible to issue payment stablecoins. Additionally, payment stablecoins would be exempt from the federal securities
requirements, including the 1933 Act, the Exchange Act, and the 1940 Act.

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In June 2022, Senators
Kirsten Gillibrand and Cynthia Lummis introduced the “Responsible Financial Innovation Act,” which was drafted to “create
a complete regulatory framework for digital assets that encourages responsible financial innovation, flexibility, transparency and