Bitwise Submits XRP ETF Filing as SEC Leadership Change Draws Attention

• Bitwise has submitted an XRP ETF application via Cboe BZX Exchange, now under SEC review with a 21-day public comment period.
• Chairman Gary Gensler’s expected departure has raised speculation on how new leadership will approach crypto ETFs.
• Bloomberg analysts estimate a 65% chance of XRP ETF approval, with the SEC’s crypto task force working on clearer regulations.

The U.S. Securities and Exchange Commission (SEC) has received an exchange-traded fund (ETF) filing from Bitwise for XRP. This marks another submission in a growing list of crypto ETF applications awaiting regulatory review. The filing was submitted through the Cboe BZX Exchange, which intends to list and trade shares of the Bitwise XRP ETF. The SEC has initiated the process by inviting public comments within 21 days from the filing’s publication in the Federal Register. Once the period ends, the SEC will decide whether to approve, reject, or initiate further proceedings on the proposal.

XRP ETF Filing Amid Leadership Changes at the SEC

This submission arrives during a period when SEC Chairman Gary Gensler is expected to depart from his position. The change in leadership has intensified the ongoing discussion about cryptocurrency regulation as well as its prospects under the new management. The prospects of new leadership at the SEC lead investors to predict how it will affect ETF decisions involving cryptos such as XRP and several other pending applications.

The Bitwise XRP ETF is part of a two-step approval process, beginning with the SEC’s recognition of a 19b-4 filing. Once published in the Federal Register, the regulatory review process officially commences. The filing follows earlier approvals of spot Bitcoin and Ethereum ETFs, which were cleared in January 2024 and July 2024, respectively. The crypto industry is closely monitoring how the SEC will proceed with XRP-related applications and other pending submissions.

Market Reactions and Regulatory Outlook

The SEC previously confirmed that it is reviewing spot XRP ETF filings from 21Shares and Grayscale. Meanwhile, applications from Canary Capital and WisdomTree remain under assessment. Bloomberg analysts estimate a 65% probability of XRP ETF approval, particularly as the SEC undergoes structural changes. If approved, an XRP ETF could provide regulated investment exposure to the cryptocurrency.

In parallel, the SEC has formed a new crypto task force, led by Commissioner Hester Peirce, to refine asset classification and regulatory standards. The evolving regulatory landscape and the increasing volume of ETF filings suggest a pivotal period for digital asset investment products. The outcome of these applications will shape the market’s trajectory in the coming months.