Investment asset management Bitwise chose to pursue an XRP ETF product at a very odd time. The firm recently filed an S-1 registration with the United States Securities and Exchange Commission (SEC). With this filing, there are already speculations amongst experts on what the future holds for this filing. Many are speculating that the regulator may block the filing, a stance gleaned from the recent development between the SEC and Ripple Labs Inc.
Bitwise XRP ETF Approval Is Uncertain
About a year ago, Judge Analisa Torres ruled in Ripple vs SEC case that XRP is not security. By this verdict, the Judge handed the San Francisco-based firm a partial victory. The regulator also secured a win as Judge Torres ruled that Ripple violated securities laws when it sold XRP to institutional investors without registration.
For this violation, Ripple was ordered by the same judge to pay $125 million penalty in the SEC lawsuit two months ago. At first, both parties did not signal any intent to appeal
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