Company: TOXR
Filing Date: 2025-12-10
Form Type: 424B3
Source: 0001213900-25-120172
Chunk: 117

Company: 21Shares XRP ETF
Filing Date: 2025-12-10
Form: 424B3
Chunk 117
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 regulatory conflict
and uncertainty.

In addition, cybersecurity
attacks by state actors, particularly for the purpose of evading international economic sanctions, are likely to attract additional regulatory
scrutiny to the acquisition, ownership, sale and use of digital assets, including XRP. The effect of any existing regulation or
future regulatory change on the Trust or XRP is impossible to predict, but such change could be substantial and adverse to the Trust
and the value of the Shares.

If the CFTC determines that
XRP is a “commodity” under the CEA and the rules thereunder, it may have jurisdiction to prosecute fraud and manipulation
in the cash, or spot, market for XRP. The CFTC may pursue enforcement actions relating to fraud and manipulation involving XRP and XRP
markets. Beyond instances of fraud or manipulation, the CFTC generally would not oversee cash or spot market exchanges or transactions
involving XRP that do not use collateral, leverage, or financing.

Various foreign jurisdictions
have adopted, and may continue to adopt in the near future, laws, regulations or directives that affect XRP, particularly with respect
to XRP spot markets, trading venues and service providers that fall within such jurisdictions’ regulatory scope. Countries may,
in the future, explicitly restrict, outlaw or curtail the acquisition, use, trade or redemption of XRP. Such laws, regulations or
directives may conflict with those of the United States and may negatively impact the acceptance of XRP by users, merchants and
service providers outside the United States and may therefore impede the growth or sustainability of the XRP economy in these jurisdictions
as well as in the United States and elsewhere, or otherwise negatively affect the value of XRP, and, in turn, the value of the Shares.

Any change in regulation in
any particular jurisdiction may impact the supply and demand of that specific jurisdiction and other jurisdictions due to the global
network of exchanges for XRP, as well as composite prices used to calculate the underlying value of the Trust’s XRP, as such data
sources span multiple jurisdictions.

Future legal or regulatory developments may negatively affect the value of XRP or require the Trust or the Sponsor to become registered with the SEC or CFTC, which may cause the Trust to incur unforeseen expenses or liquidate.

Current and future legislation,
SEC and CFTC rulemaking, and other regulatory developments may impact the manner in which XRP are treated for classification and clearing
purposes. In particular, although