Bitwise has established a trust, signaling a potential XRP ETF.
No SEC filings for the XRP ETF have appeared in the EDGAR database.
Regulatory approval for an XRP ETF remains uncertain due to ongoing scrutiny of crypto products.
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.
https://twitter.com/AbsGMCrypto/status/1841247058172182660 Bitwise SEC Documentation Still Absent
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 Faces Regulatory Hurdles
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.
Growing Interest in Crypto-Based ETFs
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.
Bitwise'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.
The post Bitwise Prepares for XRP ETF Launch, XRP Prepares for Surge as SEC Approval Remains Uncertain appeared first on Crypto News Land.
