Bitwise Files First XRP ETF Amid Ripple-SEC Battle
Bitwise has filed the first-ever spot XRP ETF in Delaware as Ripple nears a crucial decision in its ongoing legal battle with the SEC.
In a notable development for the cryptocurrency world, Bitwise Invest has filed the first-ever spot XRP ETF in Delaware, as Ripple nears a resolution in its ongoing legal case with the U.S. Securities and Exchange Commission (SEC). The move, reported by journalist Eleanor Terret, marks a significant milestone, with Bitwise confirming the application, officially submitted on September 30.
The timing of the filing is crucial. Ripple is currently awaiting the SEC’s decision on whether to appeal a recent court ruling that could have far-reaching implications for the status of XRP. If the SEC opts not to pursue an appeal, it may reinforce the view of XRP as a legitimate investment, aligning well with Bitwise’s strategic submission.
However, the approval process won’t be easy. Much like earlier ETFs for Bitcoin and Ethereum—approved earlier this year—the XRP ETF must navigate a complex regulatory framework. The SEC’s review process is typically thorough and can extend for months, pushing the final decision into next year.
If successful, the approval of a spot XRP ETF could alter the regulatory landscape, encouraging other financial players to enter the market. Institutions like BlackRock could see this as a green light to launch similar products, while speculation is already building around a potential Solana ETF, which may draw more interest from investors.
While XRP’s current market performance shows no immediate reaction to the news, the introduction of such an ETF could eventually impact prices as institutional demand rises. This development could be a turning point for XRP, signaling its acceptance among traditional finance players and opening the door to broader investment opportunities.
