- The SEC acknowledged Bitwise’s XRP ETF filing and will decide to approve or reject it after a review process.
- The SEC is seeking public input on the XRP ETF filing and will review comments before making a final decision.
- Analysts are debating XRP’s status as a security while investors wait for the SEC’s decision on its ETF approval.
The U.S. Securities and Exchange Commission (SEC) has acknowledged a spot XRP exchange-traded fund (ETF) filing from Cboe BZX Exchange. Bitwise submitted the application in early October. This acknowledgment marks the second step in the crypto ETF approval process.
The regulatory agency invited public comments within 21 days after publication in the Federal Register. After reviewing input, the agency will decide to approve, reject, or extend the evaluation process.
Previous Approvals and Pending Filings
The Securities and Exchange Commission previously acknowledged filings from 21Shares and Grayscale. However, applications from Canary Capital and WisdomTree remain pending. In January 2024, the agency approved spot Bitcoin ETFs. Spot Ethereum ETFs followed in July. These approvals increased crypto-related ETF applications in recent months.
A new crypto task force is working to classify digital assets. Republican SEC Commissioner Hester Peirce leads the team. Their focus is to determine which assets qualify as securities.
Market Response and Predictions
XRP’s price has not reacted significantly to the news. The token is down 0.53%, trading at $2.55. Market sentiment remains cautious. Bitcoin is struggling to maintain momentum below $95,000.
On Polymarket, the odds of XRP ETF approval by July 31, 2025, have dropped 9% to 44%. Some analysts believe approval could boost XRP’s market position. However, concerns remain about its regulatory status and centralized control.
Industry Reactions and Institutional Views
Experts remain divided on XRP’s classification. Some argue that XRP functions as a centrally controlled security. This view distinguishes it from decentralized assets like Bitcoin. These concerns stem from Ripple’s reported control of a large token supply.
XRP supporters claim the XRP Ledger operates as a decentralized network. Ripple compares XRP to commodities like gold and oil. The network processes transactions using 187 validators through a unique node list system.
The acknowledgment of Bitwise’s filing represents progress in crypto ETF regulation. Approval remains uncertain. However, institutional interest in crypto investment vehicles continues to rise. Market participants will closely monitor future SEC decisions and their impact on digital assets.
