Digital asset manager Bitwise has applied to launch a spot exchange-traded fund based on XRP.
🚨SCOOP: Crypto asset manager @BitwiseInvest has filed in the state of Delaware for an $XRP ETF.
More details to come. Stay tuned. 😁 pic.twitter.com/2q7zDj7aYm
— Eleanor Terrett (@EleanorTerrett) October 1, 2024
The company promised to provide details later.
The news did not lead to a significant reaction from XRP. Over the past 24 hours, the asset has fallen in price by 3.3% against the backdrop of a fall in competitors in the top 10 by capitalization in the range from 3.4% to 8.2%.
The legal battle has been ongoing since December 2020. SEC against Ripple regarding the status of XRP.
In July 2023, the fintech firm achieved a partial victory. The court ruled that program sales and other token distributions do not constitute the offering and implementation of investment contracts.
The SEC then attempted to challenge the decision, but the court rejected the Commission’s interlocutory appeal. The department still has the opportunity to try again. The company’s chief lawyer, Stuart Alderothy, expressed confidence that this will not change anything in the status of XRP.
On August 7, Judge Analisa Torres fined Ripple $125 million as part of a lawsuit with the SEC. Initially, the department demanded $2 billion.
In September, digital asset manager Grayscale Investments announced the launch of a closed-end fund based on XRP.
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Source: Cryptocurrency
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