The post SEC formally accepts Bitwise’s XRP spot ETF filing appeared on BitcoinEthereumNews.com.

Key Takeaways The SEC acknowledged Bitwise’s filing for a spot XRP ETF, starting a review that can last up to 90 days. The proposed ETF would give investors regulated access to XRP, the native asset designed for cross-border payments. The SEC acknowledged today a filing for a spot XRP ETF from Bitwise, marking the regulator’s formal review of the proposal. Cboe BZX Exchange submitted the proposal on February 6 to list and trade the Bitwise XRP ETF as a Commodity-Based Trust Share. With the acknowledgment now in hand, the SEC has up to 90 days to review the application and provide a formal response. The proposed ETF would offer investors exposure to XRP, the native asset of the XRP Ledger, through a traditional financial product. The filing notes that XRP primarily functions as a tool for fast, low-cost cross-border payments, distinguishing it from Bitcoin and Ethereum, which are often viewed as stores of value. It also draws parallels between XRP’s market characteristics and those of Bitcoin and Ethereum, both of which recently received SEC approval for spot ETFs. The proposal emphasizes XRP’s liquid, decentralized, and resilient market structure. It further references the SEC vs. Ripple Labs court decision, which determined that Ripple’s programmatic sales of XRP were not securities transactions. If approved, the ETF would provide regulated access to XRP investment while eliminating self-custody requirements. The document highlights that trading on a regulated exchange would ensure price transparency and facilitate market entry and exit, while competition could drive lower management fees compared to existing over-the-counter crypto funds. Source: https://cryptobriefing.com/sec-xrp-etf-filing/

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Filed under: News - @ February 18, 2025 9:21 pm