Company: TOXR
Filing Date: 2025-08-22
Form Type: S-1/A
Source: 0001213900-25-079981
Chunk: 107

Company: 21Shares XRP ETF
Filing Date: 2025-08-22
Form: S-1/A
Chunk 107
---
 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, 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 robust
consumer protections while integrating digital assets into existing law.” Importantly, the legislation would assign regulatory
authority over digital asset spot markets to the CFTC and codify that digital assets that meet the definition of a commodity, such as
bitcoin and ether, would be regulated by the CFTC.

In 2023, Congress continued
to consider several stand-alone digital asset bills, including a formal process to determine when digital assets will be treated as either
securities to be regulated by the SEC or commodities under