A filing for an entity named Bitwise XRP ETF was submitted to Delaware's Department of State's Division of Corporations on Monday, with CSC Delaware Trust Company listed as the registered agent.
A spot XRP ETF has not been approved by the U.S. Securities and Exchange Commission before, and if it does, it would likely face challenges. The SEC has been embroiled in a legal fight with Ripple after the agency accused the company of raising $1.3 billion through the sale of XRP, which it views as an unregistered security.
Some crypto ETFs began trading this year after getting the agency's go-ahead. The SEC approved several spot Bitcoin ETFs in January, including from firms such as BlackRock, Grayscale, and Fidelity. Later, the agency approved eight Ethereum ETFs.
Meanwhile, Grayscale said it has plans to launch an XRP "closed-end" fund for accredited investors.
The SEC often uses the term exchange-traded products, or ETPs, when discussing these products.
An SEC official last month noted that the term exchange-traded fund is "misused."
"When we're talking about spot bitcoin ETPs, they're exchange-traded products," said Natasha Vij Greiner, director of the SEC's Division of Investment Management, during Georgetown University's Financial Markets Quality Conference on Sept. 17.
"They're actually not under the '40 Act [Investment Company Act of 1940], they're not a 40 act product, and so there are not the same protections and some of the same considerations related to custody that we're grappling with," Greiner added.
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