Bitwise submits XRP ETF application, paving the way for future listing

Bitwise XRP ETF application emerges

According to Cointelegraph, a recent application for the Bitwise XRP Exchange Traded Fund (ETF) has appeared on the website of a Delaware company. According to the documents, the Bitwise XRP ETF was registered and established on September 30, 2024, with CSC Delaware Trust Company located in Wilmington, Delaware as the registered agent.

It should be noted that submitting this application in Delaware does not necessarily mean that a registration application has been filed with the US Securities and Exchange Commission (SEC). This may only be an early preparation for future ETF launches, and it may take several months before the official SEC application is submitted.

Ripple CEO hinted earlier at XRP ETF launch

The submission of this application coincides with Ripple CEO Brad Garlinghouse's earlier prediction of XRP ETF. After the launch of Bitcoin and Ethereum ETFs in the United States, he stated that XRP ETFs are "imperative". If the XRP ETF is ultimately approved, it will allow institutional investors to participate in the XRP market through regulated investment vehicles and may increase liquidity and token adoption.

Rumors and Impact of XRP ETF

In recent months, there have been constant rumors in the market about the listing of XRP ETFs. In November 2023, a fake "BlackRock iShares XRP Trust" application appeared in Delaware, sparking speculation in the market about the upcoming launch of an XRP ETF, causing XRP prices to rise by 12% at one point. However, the application was ultimately denied by BlackRock, and the Delaware prosecutor's office is currently investigating the truth behind this false application.

Long term dispute between SEC and Ripple

Bitwise's application in Delaware comes at a time when the SEC is embroiled in a long-standing legal dispute with Ripple Labs. The SEC sued Ripple in 2020, accusing its sale of XRP of constituting an unregistered securities issuance. However, in July 2023, Judge Anastasia Torres ruled that XRP does not belong to securities when sold on public exchanges, winning a partial victory for Ripple, but institutional sales of XRP may still be considered securities issuances.

In September 2024, the case received its latest developments as both the SEC and Ripple jointly applied to defer the final verdict of the case, awaiting the outcome of the SEC's appeal. If the application is approved, the court will suspend further litigation proceedings until the appeal result is announced.