The recent news about Bitwise's application for an XRP Coin ETF has generated significant interest and discussion in the cryptocurrency community. Let's review the key aspects of this story.
XRP Coin ETF Application
ETF issuer Bitwise submitted an application for an XRP Coin ETF yesterday. Today, they filed an S-1 Form with the SEC, confirming the official submission. This event follows a fraudulent filing attributed to BlackRock last November, which caused significant volatility in the XRP Coin price.
Reaction and Doubts
{'paragraph1': 'Following the filing announcement, some skepticism arose about the legitimacy of the process. These concerns were especially pronounced after the fraudulent application made on behalf of BlackRock last November. Some market participants justifiably expressed their apprehensions.', 'quote': {'text': 'The process is officially underway, and a thorough review of all documents is currently being conducted.', 'author': None}}
Next Steps
The SEC’s deadline for appeals is set for October 7. The submission of the ETF application does not guarantee approval, as seen with the recent retractions of applications for the SOL Coin ETF. If Bitwise receives approval, it will gain a significant advantage by becoming the holder of the second altcoin ETF after ETH. If the application is not withdrawn, the SEC has the right to delay the decision for up to six months before making a final announcement. Submitting an appeal by October 7 could further reduce the chances of ETF approval.
The situation with the XRP Coin ETF application remains in the spotlight of the cryptocurrency community. The coming months will reveal whether the SEC approves this application and what impact it may have on the market.
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