Bitwise Files for First XRP Exchange-Traded Fund

Crypto scale money head Bitwise connected Wednesday revenge an S-1 registration connection pinch nan Securities and Exchange Commission (SEC) to motorboat a spot XRP exchange-traded money (ETF) that would springiness investors nonstop vulnerability to Ripple Labs's XRP (XRPUSD) crypto token.

In nan filing, Bitwise explicitly stated that XRP isn't a security—countering past SEC assertions—and emphasized that XRP operates connected a decentralized ledger, which mostly tin heighten accountability, security, and accessibility. According to nan filing, BNY Mellon will service arsenic nan trust’s administrator and transfer agent, while Coinbase Custody will enactment arsenic nan custodian.

SEC's Appeal Date successful XRP Ruling Nears

The filing comes astatine a clip erstwhile nan SEC is still successful a ineligible dispute pinch Ripple complete nan classification of XRP arsenic an unregistered security. The SEC has until Monday, Oct. 7, to entreaty a 2023 national tribunal ruling that secondary income of XRP done crypto exchanges aren't securities transactions.

According to Galaxy Digital's caput of research, Alex Thorn, it would beryllium astonishing if nan SEC doesn't entreaty nan decision. Such an appeal's occurrence would make nan chances of support for this ETF connection efficaciously zero, he posted Tuesday connected nan societal media level X.

Bitwise acknowledged nan continuing litigation successful its filing, noting that if XRP is deemed a information by nan courts, it could unit nan liquidation of nan projected spot nether definite conditions. In summation to this caller filing for an XRP ETF, Bitwise has already launched spot bitcoin and ether ETFs successful nan U.S.