Summary:
Bitwise confirms filing for an XRP ETF in Delaware.
Move follows SEC approvals for Bitcoin and Ethereum ETFs.
ETFs have attracted billions in inflows this year.
Ripple's ongoing legal battle with the SEC clouds the ETF's future.
XRP price is currently $0.61, up 3% over the past week.
Bitwise Aims for XRP ETF
Bitwise is setting its sights on launching an XRP ETF, confirming its legitimacy to Decrypt with a filing in the state of Delaware. This move follows the SEC's approvals of ETFs for Bitcoin and Ethereum earlier this year.
ETFs are popular investment vehicles that trade on stock exchanges, providing investors with exposure to underlying assets. The recent crypto ETFs approved in the U.S. have attracted billions of dollars in inflows in a short time.
About Bitwise
Based in San Francisco, Bitwise is a prominent crypto asset manager that offers various investment funds. While they confirmed the filing is real, they declined to comment further on the ETF currently in the filing stage.
The XRP Landscape
XRP, created by the founders of Ripple, aims to expedite cross-border payments. However, XRP and Ripple now operate as separate entities. The future of the XRP ETF remains uncertain due to the ongoing legal battle between Ripple and the SEC, which filed a $1.3 billion lawsuit against Ripple in 2020, accusing it of selling unregistered securities.
Despite the challenges, Ripple scored a partial legal victory last year when a judge ruled that programmatic sales of XRP to retail investors do not qualify as securities, although institutional sales did. This ruling was seen as a victory for the crypto industry, leading to a surge in XRP's price.
Currently, the price of XRP is trading at $0.61, reflecting a 3% increase over the past week.
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