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SEC Acknowledges Bitwise XRP ETF Filing, 90-Day Review Period Begins
The Securities and Exchange Commission (SEC) has officially acknowledged the filing of a new spot XRP exchange-traded fund (ETF) proposal from Bitwise. This major development marks the beginning of a 90-day review period during which the regulator will assess the merits of the proposed product.
As part of its traditional two-step process, the SEC’s acknowledgement signals that the agency has reviewed and deemed the filing complete and adequate for further evaluation. The next step involves publishing the proposal in the Federal Register, officially initiating the approval process.
The 19b-4 filing, which was submitted on February 10, highlights XRP’s primary function as a digital asset focused on cross-border payments, differentiating it from other popular cryptocurrencies like Bitcoin and Ethereum. The proposal also references the SEC vs. Ripple Labs court decision, emphasizing that programmatic sales of XRP do not constitute securities transactions.
The potential approval of this ETF would grant investors regulated access to XRP exposure, eliminating the need for self-custody and providing price transparency through a traditional financial product. This could lead to lower management fees compared to existing over-the-counter crypto funds, potentially benefiting those seeking digital asset investment opportunities.
The submission joins other filings from 21Shares and Grayscale, as well as pending proposals from Canary Capital and WisdomTree. Industry experts predict a higher likelihood of approval due to the SEC’s recent green lights for Bitcoin and Ethereum ETFs.
While no certainty can be guaranteed, Bloomberg ETF analysts James Seyffart and Eric Balchunas have assigned a 65% probability of approval for XRP-based exchange-traded products, reflecting cautious optimism in the market.
The Bitwise XRP ETF filing has triggered excitement within the crypto community, as it brings the potential to make XRP investments more accessible to a broader audience. The outcome will be closely monitored by investors seeking exposure to this digital asset and further solidify its position within the crypto landscape.
In conclusion, the SEC’s acknowledgement of the Bitwise XRP ETF proposal represents a significant development in the ongoing expansion of regulated crypto investment products.
Source: coincentral.com
