As Ripple nears a resolution in its ongoing legal dispute with the US Securities and Exchange Commission (SEC), crypto asset manager Bitwise Invest has taken a significant step by filing its first application for a spot XRP ETF in Delaware.
Bitwise’s XRP ETF application
This submission, reported by Fox journalist Eleanor Terret, was officially filed on September 30, and sources within Bitwise have confirmed the authenticity of this development. The approval of this ETF could have significant implications for the broader cryptocurrency market.
The filing comes at a crucial time for Ripple as the company is awaiting the filing SEC decision on whether to appeal a recent court ruling that could potentially pave the way for greater regulatory clarity surrounding XRP.
Should the SEC choose not to appeal, this could strengthen the case for XRP as a viable investment option, making the timing of Bitwise’s adoption particularly strategic.
However, the road to approval is not easy. Like previous applications for Bitcoin and Ethereum ETFs – which were approved in January and July of this year, respectively – Bitwise’s application will have to pass strict controls and meet various regulatory requirements set by the SEC. The agency’s review process could take a long time, and approval may not come until next year.
Ripple effect
The filing of an XRP ETF could also signal a shift in the regulatory landscape, potentially opening the door for other financial institutions, such as BlackRock, to pursue similar applications.
Furthermore, this development could create a ripple effect for other cryptocurrencies looking to enter the ETF space. Speculation is already growing around the possibility of a Solana ETF, which could be the next asset to attract investor interest.
It remains to be seen what other information may be revealed by the asset manager in the coming days, but the first fill of the first US spot XRP ETF is official.
At the time of writing, the
However, a potential XRP ETF market could have a notable price impact as more institutions could invest en masse in the token.
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