Ah, mesdames et messieurs! On this fine day of February 18, the illustrious United States Securities and Exchange Commission (SEC) has deigned to acknowledge the filing by the Cboe BZX Exchange, seeking to list and trade shares of the Bitwise XRP ETF. How delightful! 🎉 According to this grand filing, those with a penchant for verbosity may submit their written musings on whether this proposed rule change is, indeed, in accordance with the law within the next 21 days. What a generous window for opinions!
Now, let us not forget that this 19b-4 filing for the Bitwise XRP ETF is but the second act in this theatrical performance of either approving or declining the proposed rule change. The SEC, in its infinite wisdom, shall scrutinize this proposed rule change with the diligence of a hawk, ensuring that our dear XRP product adheres to the sacred measures of investor protection, including the noble pursuits of preventing fraud and market manipulation. Oh, the drama! 🎭
In a twist worthy of a comedy, the SEC has implied that XRP is not a security, but rather a commodity, much like our beloved Bitcoin
and Ethereum
. Furthermore, the SEC has assured us that the Bitwise XTR ETF applicant is as unrelated to Ripple Labs as a cat is to a dog. 🐱🐶
“In light of these factors and consistent with applicable legal precedents, particularly as applied in SEC vs Ripple Labs, the sponsor believes that it is applying the proper legal standards in making a good faith determination that it believes that XRP is not under these circumstances a security under federal law in light of the uncertainties inherent in applying the Howey and Reves test,” the filing noted. How very reassuring! 😌
XRP ETF Approval in the Pipeline
According to the esteemed Bloomberg ETF analysts, James Seyffart and Eric Balchunas, there exists a 65 percent chance that the SEC will soon bless us with the approval of the spot XRP ETF. On Polymarket, a leading prediction platform, the odds rise to a staggering 78 percent that the SEC will grant this favor by December 31, 2025. What a thrilling game of chance! 🎲
Previously, the SEC acknowledged the spot XRP ETF filings from 21Shares and Grayscale Investment, yet it remains silent on the filings from Canary Capital and WisdomTree. A mystery worthy of a detective novel! 🕵️♂️
According to the ever-optimistic Brad Garlinghouse, the CEO of Ripple Labs, the approval of the spot XRP ETF is as imminent as the next season of your favorite show. 📺
The message from the market is clear – institutional interest in XRP products is stronger than ever. @BitwiseInvest, @CanaryFunds, and @21Shares (just this morning!) filed S-1s for XRP ETFs while @Grayscale launched an XRP Trust and filed to convert its multi-asset fund,…
— Brad Garlinghouse (@bgarlinghouse) November 1, 2024
Market Impact
The rising demand for Ripple products by institutional investors has propelled the XRP price into a bullish frenzy over the past two quarters. After a prolonged slumber in a multi-year triangular pattern since 2018,
has broken free, catalyzed by the changing regulatory winds in the US and the insatiable appetite of institutional investors worldwide. What
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2025-02-19 02:11