Published on oktober 2, 2024, 12:21 am
Image source: Fox News
```json [ "A crypto asset manager has filed for a Bitwise XRP-focused ETF in Delaware, but approval is not guaranteed yet.", "Ripple CEO hinted at an XRP ETF after Bitcoin and Ether ETFs launched in the US.", "Previous fake filings boosted XRP price; new application adds to Ripple's legal battles with the SEC.", "An approved XRP ETF could offer institutional investors a regulated way to enter the crypto market." ] ```
A crypto-focused asset manager has filed an application for an exchange-traded fund (ETF) focused on Bitwise XRP in Delaware. The filing, dated September 30, 2024, listed CSC Delaware Trust Company as the registered agent. While this move is significant, it does not guarantee an immediate registration application with the Securities and Exchange Commission (SEC).
Bitwise’s application for an XRP ETF comes on the heels of Ripple CEO Brad Garlinghouse’s allusion to such a financial product. He mentioned that an XRP ETF was “inevitable” following the launch of Bitcoin and Ether ETFs in the United States. If approved, this ETF could provide institutional investors with a regulated investment vehicle to access cryptocurrencies, potentially increasing liquidity and token adoption.
Speculation about an XRP ETF has been circulating, with a notable incident in November 2023 when a fake filing for a “BlackRock iShares XRP Trust” led to a surge in XRP’s price. However, BlackRock denied any involvement, leading Delaware authorities to investigate the deceptive filing.
The application in Delaware adds another chapter to the legal saga between the SEC and Ripple Labs over XRP. Despite a ruling by Judge Analisa Torres in July 2023 that classified XRP as not being a security on public exchanges but potentially as one for institutional sales, uncertainties remain. The latest update involves both parties requesting a stay on final judgment pending the SEC’s appeal outcome.
Should an XRP ETF be approved eventually, it could open up new opportunities for investors looking to participate in cryptocurrency markets through traditional investment channels. This development showcases the ongoing evolution and regulatory challenges within the cryptocurrency space.
Original article posted by Fox News
