Ripple ETF: Could It Happen? Bitwise’s Filing Faces Uncertain Path Amid Regulatory Concerns
The S-1 filing by Bitwise Asset Management for a proposed XRP exchange-traded product (ETP) has sparked debate among investors and analysts regarding its potential approval by the U.S. Securities and Exchange Commission (SEC).
What Happened: The proposal seeks to create a fund that directly holds (CRYPTO: XRP), providing investors with exposure to the digital asset.
However, the possibility of this ETF coming to fruition remains clouded by legal and regulatory uncertainties.
Nate Geraci, President of the ETF Store, pointed out the significance of Bitwise’s filing in the current crypto market context. “Bitwise positioning to file for XRP ETF is highly noteworthy IMO,” he tweeted.
Geraci further emphasized that Bitwise, a credible crypto-native fund firm, is not known for making arbitrary moves.
“This is strategic,” he added, suggesting that the company’s application might be influenced by larger market dynamics, including the outcome of the upcoming November elections.
Yet, there are significant roadblocks ahead for this proposed ETF.
Alex Thorn, Head of Research at Galaxy Research, noted a critical juncture approaching in the legal battle between Ripple and the SEC.
“The SEC has until next week (Oct. 7) to appeal Judge Torres’ July 2023 ruling, …
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