Bitwise registers XRP ETF trust filing in Delaware

Receive, Manage & Grow Your Crypto Investments With Brighty

Asset manager Bitwise filed for an XRP exchange-traded fund (ETF) on Sept. 30 with Delaware’s Division of Corporations.

The document consists of a registration for a Delaware statutory trust, a legally recognized trust set up for business.

Bitwise CIO Matt Hougan confirmed the development and told CryptoSlate that more information would be released in the coming days.

The most infamous example is the Grayscale Bitcoin Trust, which was turned into an ETF in January this year. Notably, Grayscale introduced an XRP trust on Sept. 12. The XRP-related movements follow the end of a four-year-long dispute between XRP’s issuer, Ripple Labs, and the US Securities and Exchange Commission (SEC).

Ripple was fined $125 million as a result of the SEC’s partial win in a motion for remedies.

However, District Judge Analisa Torres from the District Court of the Southern District of New York did not consider XRP offerings to retail as selling of unregistered securities.

Despite the positive development, XRP price is still following the broad market movement and sits at $0.6117 at the time of writing, down by 2.6% over the past 24 hours as per CryptoSlate data.

Difficult task ahead

Approving a new crypto-related ETF that isn’t tied to Bitcoin (BTC) or Ethereum (ETH) might be a difficult task.

Nate Geraci, CEO of The ETF Store, stated on Sept. 12 that receiving a green light from the SEC for XRP ETF trading would need political help.

On a similar tone, Bloomberg senior ETF analyst Eric Balchunas claimed that the chance of a Solana ETF being approved in the US is equal to “a snowball’s chance in hell.”

Balchunas’ remarks came after asset managers VanEck and 21Shares filed for Solana ETFs in late July, four days following the first spot Ethereum ETFs started trading in the US.

Furthermore, despite recently reiterating that Bitcoin is a commodity, SEC Chairman Gary Gensler refused to state what tokens can be considered securities in a Sept. 24 Congress hearing. The outcome of the Solana ETFs and the potential XRP ETFs under the SEC’s current leadership is still unclear.

Mentioned in this article

Posted In: XRP, US, Crypto, ETF, Featured

Author

Gino Matos

Reporter at CryptoSlate

Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).

Editor Editor

Assad Jafri

Editor & Reporter at CryptoSlate

AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Ex-Chinese Deputy Finance Minister urges country to pivot anti-Bitcoin stance

Crypto losses from hacks, scams soar to $750 million in Q3 – CertiK

BitGo to provide custodial services for Cardano-based USDA stablecoin