As a seasoned crypto investor with a knack for deciphering market trends and regulatory nuances, I find this recent development surrounding the Bitwise XRP ETF intriguing but cautiously optimistic. The filing is reminiscent of the false BlackRock iShares XRP Trust fiasco last year, which sent ripples (pun intended) through the crypto world before being debunked.
On the State of Division of Corporations website, a submission for a Bitwise XRP exchange-traded fund (ETF) application has been found. This filing was carried out on September 30, 2024, and the listed agent for this process is CSC Delaware Trust Company.
Although submitting an application in Delaware doesn’t automatically mean SEC registration is imminent, it could be a preparatory step. The actual filing with the SEC might require additional months.
After Ripple CEO Brad Garlinghouse expressed his belief that an Exchange Traded Fund (ETF) based on XRP is imminent, given the recent approvals of Bitcoin and Ether ETFs in the U.S., a potential XRP ETF would provide institutional investors with a secure, regulated method for investing in cryptocurrencies. This could potentially boost the circulation of XRP.
For quite some time now, discussions surrounding an XRP Exchange-Traded Fund (ETF) have been circulating. Back in November 2023, a false filing for a “BlackRock iShares XRP Trust” sparked a 12% surge in the value of XRP. However, BlackRock swiftly refuted this application and authorities in Delaware initiated an investigation into the matter.
As a researcher, I am developing this application amidst ongoing legal proceedings between the SEC and Ripple Labs, a dispute that commenced in 2020 when the SEC alleged that Ripple had offered XRP for sale without prior registration, asserting it to be a security.
As a crypto investor, I’ve been keeping an eye on the ongoing legal battle between Ripple (XRP) and the Securities and Exchange Commission (SEC). A recent court ruling has indicated that XRP may not be classified as a security on exchanges but could potentially be considered one in institutional sales. However, it’s important to note that this case is not yet closed, as both parties are currently waiting for the SEC’s appeal decision. This ruling doesn’t necessarily mean XRP will remain unclassified, so it’s crucial to stay informed and make investment decisions accordingly.
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2024-10-02 08:20