Bitwise, a leading crypto fund manager, has submitted a filing for a spot exchange-traded fund (ETF) that would offer direct exposure to XRP. The filing was lodged with Delaware’s Department of State, with Bitwise’s Chief Investment Officer, Matthew Hougan, confirming the news. While full details are yet to emerge, this move could signal a turning point for XRP investors.
The crypto world is buzzing with speculation. Will this be the breakthrough XRP investors have been waiting for, or will the SEC’s regulatory hurdles stand in the way? Let’s take a closer look.
For years, analysts have anticipated the launch of a spot XRP ETF, following the success of Ethereum ETFs. Some believe it could hit the market by 2025. However, the U.S. Securities and Exchange Commission (SEC) has yet to approve any spot XRP ETFs. This latest filing by Bitwise could face significant challenges, especially given the ongoing legal battle between the SEC and Ripple.
The SEC alleges that Ripple raised $1.3 billion through an unregistered sale of XRP, and this lawsuit continues to cast uncertainty over the regulatory landscape for XRP.
XRP Continues Stalling
Despite XRP’s hurdles, other crypto ETFs have made strides. Earlier this year, the SEC approved several spot Bitcoin ETFs from major players like BlackRock, Grayscale, and Fidelity. More recently, Ethereum ETFs were also given the go-ahead. Grayscale has even announced plans for a “closed-end” XRP fund for accredited investors, providing another avenue for those looking to gain XRP exposure.
One key distinction often overlooked is the difference between exchange-traded products (ETPs) and exchange-traded funds (ETFs). The SEC prefers the term ETP when referring to products like spot Bitcoin or XRP. According to SEC official Natasha Vij Greiner, ETPs are not governed by the Investment Company Act of 1940, meaning they lack some of the protections offered to traditional ETFs. This distinction could play a crucial role in determining the fate of Bitwise’s filing and similar future proposals.
As Bitwise awaits a decision, investors will be closely monitoring the SEC’s response, especially in light of XRP’s legal entanglements. While approval could mark a major milestone for the token, regulatory uncertainty continues to loom large, potentially delaying or even blocking the launch of a spot XRP ETF.
The XRP ETF race is far from over. Only time will tell if Bitwise can break through the regulatory barriers.
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