Hold onto your hats, crypto enthusiasts! We’ve got some electrifying news that’s set to shake up the crypto universe. Bitwise, the crypto asset management whiz, has made a bold move by filing for an XRP exchange-traded fund (ETF) in Delaware. Yes, you heard it right! This is a colossal leap toward bringing institutional-level investment into Ripple’s native cryptocurrency, XRP.
The buzz started when Fox Business’s Eleanor Terrett took to social media on October 1, dropping the bombshell that Bitwise had registered an XRP ETF trust in Delaware. This tantalizing tidbit has everyone on the edge of their seats, eagerly awaiting a regulated ETF connected to the beloved token.
But wait, there’s more! Bitwise's Chief Investment Officer, Matt Hougan, came forward to confirm the authenticity of this filing, adding more fuel to the excitement. Even Bloomberg’s ETF analyst, Eric Balchunas, chimed in, confirming this isn’t just another market ploy but the real deal.
However, before we pop the champagne, let’s remember that filing in Delaware is just the opening act. The main event is getting the green light from the U.S. Securities and Exchange Commission (SEC), which, let’s face it, could be a bumpy ride with regulatory challenges ahead. The SEC hasn’t approved any spot XRP ETFs yet, and the ongoing legal saga with Ripple about whether XRP qualifies as a security adds another layer of drama.
Some experts believe this legal tussle might impact any ETF ambitions linked to XRP. The SEC is on the clock, with an October 7 deadline to appeal last year’s favorable ruling for Ripple by District Judge Analisa Torres.
In the mix of opinions, industry voices like Nate Geraci suggest that Bitwise’s move is strategic, with an eye on the long game of full tokenization. And with the U.S. elections looming, the regulatory landscape could shift dramatically—especially if political winds blow in a different direction, say, with a Trump victory.
Stay tuned, because the crypto world is about to get a whole lot more interesting!
