Bitwise, a cryptocurrency index fund manager, has filed an application to launch an XRP ETF.
The filing, which was submitted to the Delaware Department of State's Division of Corporations on Monday, has been made for an entity called Bitwise XRP ETF with CSC Delaware Trust Company as the registered agent.
While a spot XRP ETF has never been approved by the SEC, if approved, it would likely face challenges.
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The SEC has been embroiled in a legal battle with Ripple over allegations that the company raised $1.3 billion through the sale of XRP, which the agency considers an unregistered security.
Despite these challenges, the SEC has approved several crypto ETFs this year, including spot Bitcoin ETFs and later eight Ethereum ETFs.