Company: TOXR
Filing Date: 2025-12-08
Form Type: S-1/A
Source: 0001213900-25-118924
Chunk: 151

Company: 21Shares XRP ETF
Filing Date: 2025-12-08
Form: S-1/A
Chunk 151
---
 states. Crypto.com is a Singapore-based
trading platform with a Digital Token License from the Monetary Authority of Singapore. Crypto.com is also registered as a Money Services
Business with FinCEN.

While each of the Constituent
Exchanges is subject to a range of federal and state laws regarding various aspects of their functioning, neither of the Constituent
Exchanges is currently registered with the SEC as a national securities exchange, broker-dealer or clearing agency. Further information
regarding the domicile, regulation and legal compliance of the Constituent Exchanges may be found, where available, on the websites for
such Constituent Exchanges and public registers for compliance with local regulations, among other places.

An oversight function is implemented
by the Benchmark Provider in seeking to ensure that the Pricing Benchmark is administered through the Benchmark Provider’s codified
policies for Pricing Benchmark integrity. The Pricing Benchmark is administered through the Benchmark Provider’s codified policies
for Pricing Benchmark integrity, including a conflicts of interest policy, a control framework, an accountability framework, and an input
data policy. It is also subject to the UK BMR regulations, compliance with which regulations has been subject to a Limited Assurance
Audit under the ISAE 3000 standard as of September 12, 2022, which is publicly available.

The Pricing Benchmark is subject
to oversight by the CME CF Oversight Committee. The CME CF Oversight Committee shall be comprised of at least five members, including
at least: (i) two who are representatives of CME (“CME Members”); (ii) one who is a representative of the Benchmark
Provider (“CF Member”); and (iii) two who bring expertise and industry knowledge relating to benchmark determination,
issuance and operations. The CME CF Oversight Committee meets no less frequently than quarterly. The CME CF Oversight Committee’s
Founding Charter and quarterly meeting minutes are publicly available.

<div align='center'>68</div>

The Sponsor believes that
the use of the Pricing Benchmark is reflective of a reasonable valuation of the average spot price of XRP and that resistance to manipulation
is a priority aim of its design methodology. The methodology: (i) takes an observation period and divides it into equal partitions
of time; (ii) then calculates the volume-weighted median of all transactions within each partition; and (iii) the value is
determined from the arithmetic mean of the volume-weighted medians, equally weighted. By employing the foregoing steps, the Pricing Benchmark
thereby seeks