Bitwise Files for XRP ETF Amid Regulatory Uncertainty

Bitwise Asset Management has filed for a spot XRP exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), marking a significant step in broadening investor access to XRP. This move comes amid ongoing regulatory uncertainty, as the SEC has until October 7 to appeal a court ruling that secondary sales of XRP are not securities. Industry experts express skepticism about the ETF's approval, citing the potential SEC appeal as a major hurdle. Bitwise's filing includes establishing a trust entity in Delaware and follows the firm's success with Bitcoin and Ethereum ETFs. The application reflects growing confidence in XRP's potential to facilitate cross-border payments and its strong ecosystem. Notably, Ripple CEO Brad Garlinghouse and Bitwise CEO Hunter Horsley have both expressed optimism about the future of blockchain technology and XRP's role in it.