1. Details of Bitwise's Application
2. Regulatory Approval Process
3. Impact of Ongoing Ripple-SEC Legal Battle

Bitwise has filed for a spot exchange-traded fund (ETF) for Ripple (XRP), the seventh-largest cryptocurrency by market cap.

Details of Bitwise's Application

Bitwise's XRP ETF application was filed on September 30th in the state of Delaware, Fox Business journalist, Eleanor Terrett, shared on X. The application must go through a long and complex regulatory approval process, which included discussions with SEC representatives for previous Bitcoin and Ethereum ETF applications. As of now, no official filing has been submitted to the SEC’s EDGAR database, where such proposals are usually filed. However, a spokesperson for Bitwise has confirmed that the XRP ETF application is genuine.

Regulatory Approval Process

If approved, Bitwise's XRP ETF will extend digital asset participation in traditional financial markets. However, regulatory challenges could impede the process, which is common for products involving cryptocurrencies. It is currently uncertain how long it will take the SEC to come to a decision.

Impact of Ongoing Ripple-SEC Legal Battle

The ongoing legal battle between Ripple and the SEC further complicates the situation. Despite a partial win for Ripple, U.S. District Judge Analisa Torres ruled that some of Ripple's token sales violated securities laws, imposing a $125 million fine. It remains unclear how this ruling will impact Bitwise's potential XRP ETF, but it could influence the SEC's decision.

Bitwise's ETF application opens opportunities for further digital asset participation in traditional financial markets. However, regulatory challenges and the ongoing SEC legal battle create uncertainty about the future of this ETF. This is a developing story, and details will be clarified as new information becomes available.