SEC acknowledges spot XRP ETF filing from Bitwise

The U.S. Securities and Exchange Commission acknowledged Tuesday a spot XRP ETF filing from Cboe BZX Exchange, on behalf of Bitwise, to list and trade shares of the Bitwise XRP ETF.In a filing acknowledging the proposal, the SEC asked for comments to be sent 21 days after its filing was published in the Federal Register. The agency could then decide to approve, disapprove or "institute proceedings."A 19b-4 filing is the second part of a two-step process for proposing a crypto ETF to the SEC. Once acknowledged, the filing will be published in the Federal Register, initiating the agency's approval process. The SEC previously acknowledged spot XRP ETF filings from 21Shares and Grayscale, and has yet to acknowledge those from Canary Capital and WisdomTree.The SEC approved the listing of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July. Issuers have flooded the zone with spot crypto ETF filings over the past few months in light of the crypto-friendly Trump administration taking office. A new crypto task force, led by Republican SEC Commissioner Hester Peirce, will work on distinguishing which “crypto assets” are securities, among many other priorities.Bloomberg ETF analysts James Seyffart and Eric Balchunas believe exchange-traded products based on XRP have a 65% chance of approval.XRP is the third-largest cryptocurrency by market cap and trades at around $2.52 at publication time, according to The Block's price data.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.