Crypto asset manager Bitwise files for XRP ETP with securities regulator

CRYPTO asset manager Bitwise has filed an initial registration statement with the US Securities and Exchange Commission (SEC) for an exchange-traded product (ETP) for XRP tokens, as it seeks to introduce more crypto products after a landmark regulatory decision to approve spot Bitcoin exchange-traded fund (ETF) earlier this year.

Bitwise earlier this year was among the firms which got the nod from the SEC for their Bitcoin ETFs. The approval came after a decade-long tussle between the digital asset industry and the SEC, which had rejected the products due to market manipulation concerns.

XRP is a digital token that powers the XRP Ledger (XRPL) public blockchain. XRPL is best known for its role in facilitating cross-border payments and remittances.

The token has a market value of above US$30 billion, Bitwise said.

ETP is a regularly priced security that trades on a stock exchange. It tracks underlying security, currency or an asset. These are similar to stocks and can be bought and sold during the day. REUTERS