Bitwise has filed its registration statement with the SEC for its spot XRP ETF. BNY will serve as administrator of the trust, the company said. He also stated that Coinbase Custody Trust Company, LLC will be the custodian of the spot XRP ETF. Bitwise also claimed in its filing that XRP is not a security, going against what the SEC has said in the past. Amid these developments, an analyst gave an appetizing target for XRP Coin.
ETF issuer Bitwise has taken action for XRP Coin!
Bitwise has filed a registration statement with the US SEC for an exchange-traded fund that will allow investors to invest in XRP. Some details stand out in the company’s S-1 filing on Wednesday. Accordingly, the company announced that crypto index fund manager BNY will serve as the manager of the trust. He also noted that Coinbase Custody Trust Company, LLC will be the custodian for the spot XRP ETF.
Meanwhile, it’s worth noting that the SEC has never approved a spot XRP ETF. Therefore, the approval of the ETF is likely to face difficulties. The legal battle between the SEC and Ripple is still ongoing. Because the SEC accuses Ripple of selling XRP, which it sees as an unregistered security.
Bitwise: XRP Coin is not a security!
“The Trust’s investment objective is to provide exposure to the value of XRP Coin held by the Trust, net of expenses and other liabilities of the Trust’s operations,” the firm said in its registration statement. Bitwise also disputed in its filing what the SEC has said in the past. In this context, the company claimed that XRP is not a security. In this regard, Bitwise made the following statement:
XRP is a decentralized digital asset and its ownership is reflected in a decentralized ledger. Additionally, XRP is not a security. Therefore, it is not subject to the protections of the U.S. federal securities laws.
Bitwise also mentioned the SEC’s lawsuit against Ripple
According to the registration statement, Bitwise said, “If XRP is determined to be a security by a court or other regulatory authority, the Trust may be deemed an unregistered ‘investment company’ under the Investment Company Act of 1940.” “It is possible that this may require the liquidation of the Trust in accordance with the terms of the Trust Agreement.” he said.
cryptokoin.comAs you follow from , some crypto ETFs began trading this year after the agency’s approval. The SEC approved several spot Bitcoin ETFs in January, including from firms like BlackRock, Grayscale, and Fidelity. Later, the agency also approved eight Ethereum ETFs.
Analyst: XRP Coin hits the $3 milestone!
Bitwise’s latest move has fueled speculation on a potential rally in the XRP price. During the day, the XRP Coin price increased by approximately 5% and exceeded the $0.62 level. However, it later started to lose ground due to the effect of the sales wave in the market. Thus, it dropped to $0.585.
However, some analysts are quite hopeful about the future of XRP. A popular crypto analyst predicts that XRP will surpass the $3 mark by Christmas. This led to speculation in the market. Having said this, the market now expects the XRP Coin price to rise further in the coming days. However, time will tell whether this will happen.
To be instantly informed about the latest developments, contact us Twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!