Bitwise files XRP ETF trust registration in Delaware

A spokesperson for Bitwise confirmed that the asset management company has registered an XRP exchange-traded fund (ETF) trust, as indicated by records found on Delaware’s Division of Corporations website.

According to the documentation, the Bitwise XRP ETF was officially registered on September 30. The listed agent for the filing is CSC Delaware Trust Company, which is based in Wilmington, Delaware.

However, the registration in Delaware does not necessarily suggest that a submission to the SEC is forthcoming anytime soon. A formal filing with the SEC could still take months to materialize.

This registration comes a few months after Ripple CEO Brad Garlinghouse hinted at the potential for an XRP ETF, calling such a development “inevitable” after the introduction of Bitcoin and Ether ETFs in the U.S.

Should an XRP ETF gain approval, it could provide institutional investors with a regulated way to gain exposure to the cryptocurrency market, potentially increasing liquidity and adoption of the token.

In recent months, there has been speculation surrounding the possibility of an XRP ETF. Back in November 2023, the price of XRP jumped by 12% following the appearance of a fraudulent filing for a “BlackRock iShares XRP Trust” in Delaware, fueling rumors of a launch. However, the filing was later debunked by BlackRock, and Delaware authorities are investigating the deceptive submission.

This recent registration follows a lengthy legal battle between the SEC and XRP issuer Ripple Labs. The SEC filed a lawsuit against Ripple in 2020, accusing the company of conducting an unregistered securities offering by selling XRP.

After nearly three years, in July 2023, Judge Analisa Torres ruled that XRP is not considered a security when sold on public exchanges, a partial win for Ripple. However, the decision also left the door open for institutional sales of XRP to be classified as securities.

In September, both the SEC and Ripple jointly requested a stay on the case’s final judgment while waiting for the appeal process. This stay could halt the proceedings until the outcome of the appeal is determined.

For more news, find me on Twitter Giannis Andreou and subscribe to My channels Youtube and Rumble

What is your opinion on this particular topic?  Leave us your comment below!  We are always interested in your opinion!