Political Support Crucial: Is the SEC Ready to Greenlight the XRP ETF?

• Bitwise’s trust registration in Delaware signals serious intentions for an XRP ETF, showcasing its strategic approach in crypto.
• Political backing is vital for XRP ETF approval, as industry experts stress challenges posed by the SEC’s current leadership.
• Ripple expands its community by airdropping 100 million XRP in order to improve accessibility and foster ecosystem growth.

The Delaware trust business Bitwise Asset Management has registered as well as applied to become an exchange-traded fund. This move is consistent with the practice of respectable companies, such as Bitwise, creating trust corporations prior to submitting ETF applications.

Hence, this move indicates that Bitwise may be preparing for a future XRP ETF launch. While political factors play a role, the broader trend suggests an inevitable approval of crypto-related ETFs over time.

Political Support Is Crucial

Moreover, Nate Geraci, CEO of The ETF Store, points out the importance of political support for XRP ETF trading. He emphasizes that without political backing, the SEC may not easily approve such a filing. 

A senior ETF expert at Bloomberg named Eric Balchunas remarked that there is “a snowball’s chance in hell” that an approved Solana ETF will be issued. His remark emphasizes the serious difficulties that ETFs that aren’t Ethereum or Bitcoin face under the current SEC leadership.

Bitwise’s move comes amid skepticism about previous XRP ETF rumors. Past claims, including one from November regarding a supposed BlackRock XRP ETF, turned out to be false. Hence, the current filing has attracted attention due to Bitwise’s credibility. A spokesperson confirmed the legitimacy of the filing, reassuring investors that this is a strategic and serious effort.

Read CRYPTONEWSLAND on google news

Ripple’s Commitment to Community

Notable fluctuations occurred in the cryptocurrency market following the news, despite XRP’s price not changing immediately. However, XRP’s ecosystem continues to receive funding from Ripple Labs. It has been announced that all Ripple users would get a substantial airdrop pool of 100 million XRP. Making XRP and RippleNet more accessible and user-friendly is the aim of this project.

Furthermore, Ripple’s goal of building a strong blockchain ecosystem is reflected in its commitment to community participation. They believe that empowering their users is essential for growth. Consequently, as Ripple prepares for Q4 2024, they are focusing on expanding resources to facilitate easier XRP usage.