Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 163

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 163
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 terminate the Trust (e.g., if the SEC determines that the Trust is an investment company
under the 1940 Act; the CFTC determines that the Trust is a commodity pool under the CEA; the Trust is determined to be a money transmitter
under the regulations promulgated by FinCEN or require a BitLicense under New York law; the Trust fails to qualify for treatment,
or ceases to be treated, as a grantor trust for U.S. federal income tax purposes; or, following a resignation by a trustee or custodian,
the Sponsor determines that no replacement is acceptable to it), the Sponsor may consider, without limitation, the 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