|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitwise Files XRP ETF Trust in Delaware Despite Ongoing Legal Disputes
Oct 04, 2024 at 09:53 pm
Bitwise, a leading crypto asset manager, filed an XRP ETF trust in Delaware. It has created anticipation owing to the previous legal issues regarding XRP.
Crypto asset management company Bitwise has filed a XRP ETF trust in Delaware, sparking anticipation due to the previous legal disputes surrounding XRP.
Let's break down what this filing entails and why it's crucial for both XRP and the broader cryptocurrency market.
The Happening
On the 30th of September 2024, Bitwise established the XRP ETF trust with the Division of Corporations of the State of Delaware.
The Trust was registered in Wilmington, Delaware by CSC Delaware Trust Company. This marks the first filing towards that end, but it does not equate to the approval of an XRP ETF. However, registering in Delaware is significant; the application to the U.S. SEC may take several more months.
After the trust was registered in Delaware yesterday, @BitwiseInvest just officially filed for their XRP ETF with the SEC. pic.twitter.com/im9GzFWX55
— James Seyffart (@JSeyff) October 2, 2024
The Importance of an XRP ETF
An XRP ETF would allow accredited investors to gain exposure to the digital asset in a regulated product that they're familiar with. This could lead to increased adoption of XRP as more institutional investors may be inclined to invest in the token through a regulated fund. Earlier this year, Ripple CEO Brad Garlinghouse suggested that an XRP ETF was a “done deal” considering the approval of Bitcoin and Ether ETFs in the U.S.
Bitwise issues press release on XRP ETF filing…
Not something you see everyday.
“We believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century.”https://t.co/djfKJEEoDT pic.twitter.com/YGnhEdavDM
— Nate Geraci (@NateGeraci) October 2, 2024
The Ripple Effect: Legal Disputes and XRP
Interestingly, Bitwise's filing comes amidst the multi-year legal dispute between Ripple Labs (the company behind XRP) and the SEC. In 2020, the SEC filed a lawsuit against Ripple, alleging that the sale of XRP constituted an unregistered security sale.
In July 2023, Judge Analisa Torres ruled that XRP was not a security when sold on public exchanges. This decision favored Ripple, but the issue remained regarding sales to institutions. Subsequently, in September 2023, the SEC and Ripple applied for a stay (pause) in the legal proceedings, pending an appeal.
The chances of a settlement went up 10 fold now! 🔟✖️that Torres has written in law that XRP is not an investment contract! watch full version here: https://t.co/V6j3oAnoXH pic.twitter.com/BxzHIkHWRI
— crypto.Darren🪝 🏴☠️ (@Fame21Moore) July 20, 2023
Past Rumors and Market Sensitivity
This filing also comes on the heels of several months of rumors surrounding an XRP ETF. For example, in November 2023, the price of XRP surged by 12% following rumors of a BlackRock XRP ETF. Ultimately, those rumors were proven to be false, and BlackRock stated that they were not involved in any such ETF. The Delaware prosecutors are still investigating that case.
JUST IN 🚨🚨 BlackRock Has No Plans For A Spot #XRP ETF. Do The Opposite When They Give Statements Like This 💥🚀🚀 pic.twitter.com/I2GM8QCkcn
— XRP CAPTAIN (@UniverseTwenty) January 18, 2024
What's Next?
It's important to note that this filing in Delaware does not guarantee that we will see an XRP ETF in the near future. While it certainly brings us a step closer, Bitwise would still need to apply to the SEC, which could take some time, they added. If approved, an XRP ETF would be a major development for the cryptocurrency. It would go a long way in lending the digital asset even more legitimacy, while also increasing its liquidity.
Instead, at the time of writing, all we can do is watch and keep our fingers crossed. An XRP ETF would also be a milestone in the development of Ripple and all parties involved in the cryptocurrency market.
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte. Ltd.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- XRP Tests Key Support Level at $0.5080 as Whale Activity and Legal Developments Fuel Market Movements
- Oct 05, 2024 at 12:25 am
- XRP has recently experienced a significant drop below $0.5500, a development attributable to Ripple's ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
-
- Why SOL and KAS Investors Should Turn to This Hot New Meme Coin with 10,500% Upside Potential
- Oct 05, 2024 at 12:25 am
- Investors are buzzing about a fresh meme coin capturing attention with its remarkable growth potential. Promising impressive returns, this emerging digital currency is generating chatter among the crypto community.
-
- Sui (SUI) and Celestia (TIA) Risk Suffering a Short Squeeze as the Market Imbalance Appears
- Oct 05, 2024 at 12:25 am
- As October started, the cryptocurrency market faced a significant crash, increasing the bearish sentiment and attracting highly capitalized short-sellers. Some cryptocurrencies now risk suffering a short squeeze as imbalances appear in the market's open interest, dominated by short positions.
-
- The Bitcoin Situation May Improve in 6 to 12 Months
- Oct 05, 2024 at 12:25 am
- The price of Bitcoin has gone through some notable corrections since March. This has been influenced by a combination of significant sell-offs by whales and a massive token unlock that has increased the total supply of altcoins in the market.