Bitwise XRP ETF: SEC's Next Crypto Headache on the Docket
Published Date: 5/29/2025
Notice
Summary
The SEC is deciding whether to approve the Bitwise XRP ETF to be traded on the Cboe BZX Exchange. This affects investors interested in cryptocurrency ETFs and could open new trading opportunities soon. The decision deadline is May 25, 2025, and if approved, it could impact how people invest in XRP through a regulated exchange.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
SEC Decision on XRP ETF by May 25, 2025
The SEC is deciding whether to approve the Bitwise XRP ETF to trade on the Cboe BZX Exchange, and it designated May 25, 2025 as the date by which it must approve, disapprove, or institute proceedings to disapprove. If you invest, this decision could open a new way to buy or sell XRP through a regulated exchange.
ETF Will Hold XRP; Cash Redemptions Only
The proposed Bitwise XRP ETF would hold only XRP, cash, and cash equivalents. When the Trust sells or redeems Shares, it will do so in cash transactions with authorized participants in blocks of 10,000 Shares.
Daily Valuation Using CME Ripple-Dollar Rate
If listed, the Trust would seek to track XRP using the CME CF Ripple-Dollar Reference Rate—New York Variant as its Pricing Benchmark and would value its Shares daily as of 4:00 p.m. ET using that same methodology.
SEC Reviewing Fraud and Manipulation Risks
The Commission is specifically instituting proceedings to analyze whether listing and trading the Bitwise XRP ETF is consistent with Section 6(b)(5) of the Securities Exchange Act, which requires exchange rules be designed to prevent fraudulent and manipulative acts and protect investors and the public interest.
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