XRP ETF to launch in the US following Bitwise filing

• XRP ETF may launch in the US following Bitwise’s filing with the state of Delaware.
• Asset managers often create a trust before officially filing for a crypto ETF with the SEC.
• The XRP ETF’s chances hinge on whether the SEC will appeal the ruling on its case against Ripple Lab.

Asset manager Bitwise could launch an XRP ETF following a filing with the Delaware Division of Corporations on Monday. The filing revealed that the company had created a trust as a first step towards filing for an XRP ETF with the Securities & Exchange Commission (SEC).

This pattern is common among asset managers, who often create a trust before filing for a crypto ETF. 

According to Fox Business Eleanor Terrett, Bitwise Chief Investment Officer (CIO) Matt Hougan confirmed that the filing is authentic with the asset manager to provide clarity on the product tomorrow.

SEC could delay potential XRP ETF launch

The move follows Judge Analisa Torres finalizing the case between the SEC and Ripple, in which the digital asset platform was fined $125 million instead of the $2 billion penalty requested by the regulator.

The Judge also concluded that the sale of XRP on public exchanges did not constitute securities transactions, while institutional sales may violate securities laws.

However, the possibility of an XRP ETF depends on whether the SEC will appeal Judge Torres’s decision before the end of the week. An appeal could significantly downplay the chances of the SEC approving the product.

Ripple Labs CEO Brad Garlinghouse had previously hinted at an XRP ETF earlier in the year.

“An XRP ETF is just simply inevitable. I think we’re going to see it in 2025,” he said.

While the prediction is optimistic, the SEC could kick the can down the road on an XRP ETF even if it fails to appeal the ruling on its case against Ripple Labs. The agency followed this approach, delaying Bitcoin and Ethereum ETFs for years before giving the approval this year.