XRP News: Bitwise Registers XRP ETF Trust Amid Growing Speculation
XRP News – A spokesperson from Bitwise has confirmed that the asset management firm has officially registered an XRP exchange-traded fund (ETF) trust, which has been listed on the Delaware Division of Corporations’ website.
According to the filing, the Bitwise XRP ETF was formally registered on September 30. The filing also identifies CSC Delaware Trust Company, based in Wilmington, Delaware, as the appointed registered agent.
However, the Delaware registration does not necessarily imply that a filing with the United States Securities and Exchange Commission (SEC) is imminent. A formal SEC application could still be months away.
This registration comes just months after Ripple CEO Brad Garlinghouse hinted at the possibility of such a financial product, describing an XRP ETF as “inevitable” following the introduction of Bitcoin and Ether ETFs in the U.S.
The potential approval of an XRP ETF would grant institutional investors regulated access to the cryptocurrency, potentially increasing liquidity and encouraging broader adoption of the token.
Speculation about an XRP ETF has been building in recent months. In November 2023, XRP’s price surged by 12% after a fake filing for a “BlackRock iShares XRP Trust” in Delaware spurred market rumors. BlackRock later denied involvement in the application, and Delaware prosecutors are currently investigating the deceptive filing.
SEC and XRP
The Delaware registration follows a protracted legal battle between the SEC and Ripple Labs, the issuer of XRP. The SEC filed a lawsuit against Ripple in 2020, accusing the company of conducting an unregistered securities offering through its sale of XRP.
Nearly three years later, in July 2023, Judge Analisa Torres ruled that XRP does not constitute a security when sold on public exchanges, marking a partial victory for Ripple. However, the ruling also suggested that institutional sales of XRP could still be classified as securities offerings.
The most recent update in the case came in September when both the SEC and Ripple jointly requested a stay on the case’s final judgment while awaiting the outcome of an SEC appeal. If granted, the stay would effectively halt further proceedings until the appeal is resolved.
Leave a comment