21Shares, a popular crypto asset manager based in Switzerland formerly known as Amun, has just removed Ripple (XRP) from all its exchange-traded products (ETP), The Block has reported.
In particular, the token has been removed from the HODL or Crypto Basket Index ETP, KEYS or Bitwise Select 10 ETP, and AXRP - a single-asset ETP tied to XRP.
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The company's decision comes shortly after the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple and its executives Brad Garlinghouse and Chris Larsen because the regulator believes XRP is a security. As a result, the company has raised billions of dollars through the sale of an unregistered security, violating this way the regulations of the SEC.
However, 21Shares' products are not listed on any US stock exchange, so the company's decision may surprise some. However, its CEO has argued the company's index regulations prevent them from including "any token that is a security and any token that might have liquidity issues."
This is not the first platform that removes support for XRP following the SEC's decision to sue Ripple. For instance, Bitstamp, OSL, CrossTower and Beaxy have all withdrawn their support for the crypto.