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Crypto asset manager Bitwise files for XRP ETP with securities regulator

by Sarkiya Ranen
in Technology
Crypto asset manager Bitwise files for XRP ETP with securities regulator
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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



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Tags: AssetBitwiseCryptoETPFilesManagerRegulatorSecuritiesXRP
Sarkiya Ranen

Sarkiya Ranen

I am an editor for Ny Journals, focusing on business and entrepreneurship. I love uncovering emerging trends and crafting stories that inspire and inform readers about innovative ventures and industry insights.

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