Bitwise Asset Management has officially filed to create an XRP exchange-traded fund (ETF) in the US. This is a big deal, especially since there have been a lot of rumors about XRP ETFs before, but nothing concrete.
What’s the Deal with Bitwise’s Filing?
Bitwise is a well-known cryptocurrency investment firm, so this isn’t just some random company throwing ideas at the wall. They’re known for being strategic and thoughtful. They’re not just hoping for an XRP ETF to get approved; they’re planning for the long term.
Will it Actually Happen?
That’s the big question. Experts say it depends on who wins the next US presidential election. If Donald Trump wins, there’s a good chance an XRP ETF could get approved. But if the current administration stays in power, it’s unlikely.
Why Does the Election Matter So Much?
The US Securities and Exchange Commission (SEC) is responsible for approving ETFs. The SEC has been pretty tough on cryptocurrencies, especially XRP. If Trump wins, he’s likely to be more supportive of crypto, which could make it easier for the SEC to approve an XRP ETF.
What About the Ripple Lawsuit?
The SEC is currently fighting a lawsuit with Ripple Labs, the company behind XRP. The outcome of that lawsuit could also impact the chances of an XRP ETF getting approved. If the SEC wins, it’s almost certain that an XRP ETF won’t be approved.
What’s Next?
Bitwise’s filing is just the first step. They’ll need to get approval from the SEC, which could take a long time. In the meantime, the crypto community is watching closely to see what happens.
