SEC Approves Filing for Bitwise’s Spot XRP ETF

The application has been filed under Rule 19b-4, the second phase in the ongoing process of registering a cryptocurrency ETF. Once published in the Federal Register, the SEC will open a 21-day period for receiving comments from the market and interested parties. At the end of this period, the agency will decide whether to approve, reject, or further scrutinize the proposal.

This approach isn’t new: the SEC recently acknowledged spot XRP ETF filings from Grayscale and 21Shares, whereas proposals from WisdomTree and Canary Capital remain under evaluation.

Bloomberg analysts put the approval odds for the XRP ETF at around 65%, a number that many in the market find encouraging. For further insight, a post on social network X highlights the analysts’ approval probabilities for other crypto ETFs.

In its filing, Bitwise lays out a robust plan for asset management and minimizing the risk of manipulation. The strategy hinges on using real-time price data from U.S. exchanges along with a share creation and redemption mechanism that helps prevent fraud.

Check this out: MEMX Files for SEC Approval to List XRP ETF from 21Shares 

Should the proposal be approved, it would represent a major leap forward in integrating XRP—the world’s third-largest cryptocurrency—into the formal financial sector, thereby granting investors regulated exposure to this digital asset.

The SEC’s forthcoming decision might well serve as a turning point for the evolution of cryptocurrency ETFs and the seamless incorporation of digital assets into traditional financial systems.