Bitwise is moving towards the creation of an XRP exchange-traded fund (ETF). According to documents submitted to the Delaware Division of Corporations the company created a trust. This step may create a vital base for an XRP ETF to come. This filing has captured interest among investors interested in XRP and its associated Ripple asset.
Currently there are no filings connected to this matter present in the Securities and Exchange Commission’s (SEC) EDGAR database. This platform typically handles ETF proposals. Bitwise’s move mirrors a pattern seen in the crypto ETF sector. Companies often create trusts before seeking SEC approval for their exchange-traded products.
XRP has faced intense regulatory scrutiny, especially due to Ripple’s ongoing legal battle with the SEC. Despite these challenges, Bitwise’s trust signals an intent to bring an XRP ETF to market.
However, gaining SEC approval may be difficult. The SEC has been slow to approve crypto-based ETFs, only recently approving Bitcoin and Ethereum ETFs after lengthy reviews.
Bitwise has made the move after Bitcoin ETFs debuted from BlackRock and Fidelity in the first half of this year. These launches represent a change in the way U.S. authorities regard crypto investments.
If adopted as a possible XRP ETF it will contribute to the normalization of digital wealth in financial markets. If the application is successful, it will offer investors more chances to engage in cryptocurrency within a regulated setting.
Read CRYPTONEWSLAND onBitwise’s documentation reveals a rising demand for crypto ETFs focused on altcoins including XRP. Because of the SEC’s conservative methods regarding cryptocurrencies, approval is not certain. The process could take time. The cryptocurrency market still anticipates the launch of new investment options related to XRP.
Bitwise’s trust filing could lead to the creation of an XRP ETF. However, regulatory challenges loom, and approval remains uncertain. Investors are watching closely as the situation unfolds.
#Dogecoin price drops 18%, but #whale activity surges. #On-chain data shows increased transactions and active…
The #Midnight testnet on #Cardano is live! Developers can now build privacy-focused blockchain apps in…
#Binance burns 1.14B LUNC tokens, sparking 10% price surge. Analysts predict a #potential 40% rally…
#Bitcoin is projected to surpass $100,000 by #December 2024, following strong gains in #October and…
Analyst notices possible #bullish breakout potential on the $WTK chart, expects #WadzPay price to pump…
Analyst's genuine wake-up line update for #XRP price chart supports major parabolic moves for $7.5…