BITWISE is sufficient for S-1 for XRP ETF at the SEC
BITWISE is sufficient for S-1 for XRP ETF at the SEC
- The first XRP ETF submission now lies with the US stock exchange supervisory authority Securities and Exchange Commission
- BitWise submitted a form S-1 to be approved for the introduction of an XRP ETF on October 2, 2024.
BITWISE has submitted a first registration declaration for the introduction of the first stock exchange-traded Spot-XRP fund.
on Wednesday, October 2, the crypto asset manager announced It had a form s-1 for the Bitwise XRP ETF submitted.
XRP is the cryptocurrency of Ripple. At the moment it is the seventh largest crypto asset after market capitalization with over $ 32 billion.
First XRP-ETF
BITWISE, one of the ETF issuers who already offers a spot bitcoin ETF and an Ethereum-Spot ETF, is the first company to officially apply for approval to issue a stock exchange-traded fund that depicts the daily price of XRP.
Brad Garlinghouse, CEO von Ripple, commented on the development over X:
first btc, then eth ... it was only a matter of time.
This step underlines the growing trust and integration of digital assets such as XRP into traditional finance and marks the continued acceptance and maturation of the cryptoma market. I feel that this is only the beginning. https://t.co/s1phpieqth
- Brad Garlinghouse (@bgarlinghouse) 2. October 2024
The announcement that Bitwise requested that the SEC are approved for an XRP ETF followed the submission of an XRP ETF Trust in Delaware on Tuesday, October 2, 2024.
With this official submission of the S-1 form, the Bitwise XRP ETP is now waiting for the approval of the SEC, also for form 19b-4.
Hunter Horsley, CEO of BitWise, commented on the submission as follows:
"We at Bitwise believe that blockchains will introduce new, apolitical investments and without permission applications for the 21st century ... For this reason, we have helped investors to use the opportunities in this area in the past seven years, and we are happy to continue to do so." Work with our application for a Bitwise XRP ETP. “
Will the SEC take an appeal against the XRP judgment?
The S-1 submission of Bitwise takes place just a few days before the deadline, within which the SEC can take the status of XRP appeal against the court ruling of 2023. This period ends on October 7th and is related to the complaint of the SEC against Ripple and its managing director because of the sale of XRP, which the supervisory authority said that it was a security until a US judge decided that this was not the case.
If the SEC appeals against the judgment on XRP sales, it would be interesting to see how the regulatory authority deals with the application for the XRP-ETF.
Ripple fought in a legal dispute with the SEC, which started in December 2020. In August 2024, judge Analisa Torres Ripple Labs sentenced to pay a civil penalty of $ 125 million as a comparison with the securities authority.
The XRP price rose sharply after this message. However, the coin has lost most of the profits and was traded at around $ 0.58 at the time of writing this article.
Source: Coinlist.me