Bitwise Files for First Spot XRP ETF Amid Regulatory Challenges

The filing with the SEC could face hurdles due to ongoing legal disputes over XRP's classification.

Bitwise has submitted an S-1 filing to the SEC for a spot XRP ETF, marking the first such attempt for this cryptocurrency.
The SEC's pending decision on whether to appeal a 2023 court ruling on XRP's status as a security adds uncertainty to the ETF's approval prospects.
XRP's market performance has been affected by regulatory concerns, with a recent 10% price drop following the ETF filing and SEC appeal notice.
Industry experts highlight the strategic timing of Bitwise's filing, noting its potential impact on the evolving crypto ETF landscape.
The SEC's history of litigation with Ripple over XRP's classification as a security remains a significant factor in the approval process.