SEC Approves Bitwise XRP ETF, Immediately Delays Ruling

Ripple and XRP have been in the spotlight for most of this year. It also looks like this won’t change anytime soon. Part of this is that the SEC approved the Bitwise 10 crypto index ETF. This includes, among others, $XRP. So, a spot XRP ETF is here. However, only hours later, the SEC reversed its decision. 

This means that the XRP Army still has to wait for its first XRP ETF. But let’s find out what happened here.

Why Did the SEC First Approve the Bitwise XRP ETF and Within Hours Delay It?

It’s not the first time that the SEC approves an ETF only to delay it moments later. Grayscale’s Digital Large Cap Fund (GDLC) underwent a similar fate. This fund tracks $BTC, $ETH, $XRP, $SOL and $ADA. The SEC approved it, only to reverse this decision.

But first, let’s take a look at the Bitwise 10 Crypto Index Fund (BITW). As the name already suggests, this fund tracks 10 crypto assets. 90% of the funds are in Bitcoin ($BTC) and Ethereum ($ETH). The other 10% are crypto’s like,

• Ripple ($XRP)
• Solana ($SOL)
• Cardano ($ADA),
• Sui Network ($SUI)
• Avalanche ($AVAX)
• Litecoin ($LTC)
• Polkadot ($DOT)
• Uniswap ($UNI)
  

This will make this the first multi-asset crypto index ETF in the US. That’s providing, it gets approved. However, currently it’s on hold. The most likely reason is that the SEC wants to set up a consistent standard for crypto ETFs. Especially for crypto ETFs that hold various assets. There’s also another important factor to consider. That’s the fact that not all listed assets already have standalone ETFs. $XRP is one of such assets. 

However, there’s also a positive note for $XRP. There’s already a court ruling that $XRP is not considered a security. Other assets lack such a ruling, including $ADA. So, their status is currently rather ambiguous. This also means that there’s still a very good chance that this ETF will get approval. However, it will take time. 

There are still another 72 crypto ETFs waiting for approval. This includes other XRP ETF filings. Providers include, among others, Grayscale, CoinShares, Franklin Templeton, and VanEck. So, there’s no reason to panic.

Other Ripple ($XRP) News

In other Ripple ($XRP news, one of Ripple’s co-founders caught the spotlight. It seems that over the last 10 days, he dumped over $200 million worth of $XRP. It’s not the first time that Ripple or co-founders have been accused of dumping their bags on retail. After 12 years, Ripple still controls 40 billion $XRP in their treasury. That’s 40% of the max supply.

The current $XRP price is $3.08 with a $181.9 billion market cap. The max supply is 100 billion $XRP. Out of these, only 59 billion circulate.

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