Bitwise has registered a Delaware Trust to launch an XRP exchange-traded fund (ETF), expanding its crypto offerings beyond Bitcoin and Ethereum.
The next step involves filing with the U.S. Securities and Exchange Commission (SEC), which could lead to a lengthy regulatory process. Grayscale also launched an XRP fund recently, signaling growing institutional interest.
The SEC’s cautious stance on crypto ETFs, especially those beyond Bitcoin and Ethereum, remains a key hurdle. Ripple’s legal battle with the SEC resulted in a $125 million fine, adding uncertainty to future XRP-based ETFs.
Despite this, Ripple CEO Brad Garlinghouse remains optimistic, predicting more crypto ETFs and outlining plans for a stablecoin tied to Ripple’s ledger and Ethereum’s blockchain.
Skepticism surrounds the recent Bitwise XRP ETF filing due to a past scam in November, where a fake BlackRock XRP ETF filing was posted to manipulate prices. That incident was investigated by Delaware’s Department of Justice.
Following Bitwise’s legitimate filing, XRP saw a 1.6% price boost, though it remains down over 2% in the last 24 hours, in line with broader market declines.
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