Bitwise Spot XRP ETF Was Proposed With Community Excitement

Key Points:

• Bitwise spot XRP ETF has been proposed with Delaware’s Division of Corporations, despite no U.S. approval for XRP ETFs yet.
• Investors believe Ripple’s settlement with the SEC may open doors for XRP ETFs, following recent Bitcoin and Ethereum ETF approvals.

Crypto asset manager Bitwise has filed to create an exchange-traded fund tracking XRP, the token closely affiliated with the blockchain firm Ripple.

Read more: Ripple CEO Predicts Spot XRP ETF Launch By 2025

Bitwise Spot XRP ETF Proposed Amid Regulatory Uncertainty

The filing, delivered to Delaware’s Division of Corporations on Sept. 30, probably represented a step forward for the Bitwise spot XRP ETF in the United States market, in which crypto circles have taken quite a liking.

The proposal named CSC Delaware Trust Company as its registered agent, even though the SEC has not yet approved any spot XRP ETFs.

The move has been at the heart of a long legal tug-of-trope between Ripple Labs and the SEC charging the former with raising $1.3 billion by selling XRP as an unregistered security. Despite that, investors have begun to feel the door for an XRP ETF might swing open after Ripple’s recent settlement with the SEC.

Crypto Market Awaits Bitwise Spot XRP ETF Impact

While the filing has not led to an immediate change in the price of XRP, the move is similar to previous occurrences where speculation about approval tended to influence the prices of cryptocurrencies such as Bitcoin and Ethereum.

Earlier this year, the SEC approved several Bitcoin and Ethereum ETFs from industry giants such as BlackRock, Grayscale, and Fidelity. Since then, massive market activities have been realized. A similar effect may take hold should the SEC move to approve a spot XRP ETF.

The other large player in the crypto arena, Grayscale, reportedly is also weighing options to launch an XRP fund for accredited investors marker of interest in XRP-based investment products. However, the way ahead for its approval is going to be convoluted in view of the ongoing scrutiny of crypto-related securities by the SEC.