SEC Accepted Application for Spot XRP-ETF
The U.S. Securities and Exchange Commission (SEC) has officially accepted Bitwise's application for an exchange-traded fund (ETF) for XRP, submitted through the Cboe BZX exchange. This marks an important step towards the integration of regulated XRP investment products into traditional financial markets. According to the document dated February 18, the SEC will now open a 21-day public comment period before making a decision to approve, deny, or extend the review for up to 240 days.
What else is known? The proposal highlights the role of XRP as a fast and inexpensive solution for cross-border transactions, distinguishing it from Bitcoin and Ethereum, which are widely recognized as stores of value. Attention is also directed at the liquid, decentralized, and resilient market structure of XRP. Bitwise referred to last year's SEC ruling against Ripple Labs, which determined that the software sales of XRP by Ripple do not constitute securities transactions. If approved, the ETF will provide regulated investment access to XRP without the need for self-custody.
