#XRPETFs Bitwise Asset Management has requested the U.S. Securities and Exchange Commission (SEC) to create a spot XRP ETF. On October 2, 2024, it filed Form S-1, a key step in launching this financial product that would offer direct exposure to Ripple's XRP token. The ETF would be physically backed by XRP and managed by BNY Mellon, with Coinbase Custody as the custodian.

This move comes after years of regulatory uncertainty. In 2023, a federal court ruled that sales of XRP on public exchanges did not constitute securities, although institutional sales could be classified as such. The SEC appealed this decision, which could influence the approval of the ETF.

The crypto industry hopes that the Donald Trump administration, with a more favorable approach towards cryptocurrencies, will facilitate the approval of digital asset ETFs like XRP.

Despite the application, ETF approval could take months, as the SEC is not required to respond quickly to Form S-1. However, the filing marks a significant advancement towards the integration of XRP into traditional financial markets.