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State of Delaware’s Division of Corporations website offers bitwise XRP exchange-traded fund (ETF application). According to the documents, on September 30, 2024 CSC Delaware Trust Company designated as the registration agent registered the Bitwise XRP ETF.
Since this file might not be a clear sign of an impending filing to the U.S. Securities and Exchange Commission (SEC) but rather be part of basic preparations. Still months off for a formal SEC submission. The action line up with remarks made earlier in the year by Ripple CEO Brad Garlinghouse, who called an XRP ETF “inevitable” after the US launched Bitcoin and Ether ETFs.
Should permission be approved, an XRP ETF will provide institutional investors with a regulated way to obtain XRP, therefore promoting acceptance of the coin and maybe additional liquidity.
Conjecture on an XRP ETF has been widespread before. November 2023 saw XRP surge by 12% following rumors of a “BlackRock iShares XRP Trust” filing—later revealed to be untrue. Delaware prosecutors are currently looking at the incidence.
This material aligns with the ongoing legal dispute starting in 2020 between Ripple and the Securities and Exchange Commission. Although XRP is not a security released on public exchanges according to a judge ruling in 2023, institutional sales of XRP could nevertheless be considered as securities offers. The dispute is currently unsettled since both sides requested to wait in September 2024 until the outcome of the SEC’s appeal is known.