- The SEC, now under new leadership, approved Bitwise XRP ETF.
- This approval reflects a shift in the agency’s approach to crypto regulation.
- The decision is expected to positively impact XRP’s market sentiment.
The U.S. Securities and Exchange Commission (SEC) has received a new XRP ETF filing from Bitwise. The filing is among many that have seen people pushing ETF proposals. Bitwise XRP ETF is among a series of filings.
The move comes as SEC Chairman Gary Gensler will be departing the agency. Leadership change has resulted in even greater interest in calls for crypto ETF recommendations. Trading participants are now hoping a new leadership team will usher in a fresh perspective into crypto regulation.
Bitwise XRP ETF Filing Among Many Proposals
The Bitwise filing was submitted on behalf of Bitwise by the Cboe BZX Exchange. It is to list and trade the Bitwise XRP ETF shares. The SEC has taken the first step by asking for public comments on the proposal. The comments are to be submitted within 21 days from the date of publication of the filing in the Federal Register. The SEC will thereafter make a decision to approve, disapprove, or institute proceedings after this period.
This filing is part of a two-stage process. The SEC now recognizes a 19b-4 filing. After publication in the Federal Register, the official approval process will commence.
Earlier, the SEC had confirmed 21Shares’ and Grayscale’s spot XRP ETF filings. Filings by Canary Capital and WisdomTree are still pending decisions. The crypto community is watching developments with great interest.
Industry experts believe that the listing of crypto ETFs can strongly propel XRP. XRP is the third largest market cap cryptocurrency and is currently trading at around $2.52. The January 2024 approval of spot Bitcoin ETFs and July 2024 approval of Ethereum ETFs has brought optimism in the market. Bloomberg ETF analysts put the likelihood of XRP ETF approvals at 65%. They are optimistic, particularly with new leadership set to occupy the SEC soon.
There is a new crypto task force headed by SEC Commissioner Hester Peirce that will attempt to further define what crypto assets are securities. It is only part of the SEC’s overall effort to modernize its regulation.
Bitwise’s XRP ETF filing acceptance is a milestone amidst a busy period for crypto ETF filings. With leadership transitions on deck and multiple filings in limbo, the next months will determine the future of trading digital assets.
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