SEC Acknowledges Bitwise XRP ETF Filing, Boosting Approval Hopes

The U.S. Securities and Exchange Commission (SEC) has acknowledged another filing for an XRP exchange-traded fund (ETF), this time from Bitwise. Last week, Cboe BZX Exchange filed applications to list several XRP ETFs, including the one from Bitwise. This acknowledgment is a positive sign for the approval of XRP ETFs, as it was swift and follows a series of positive developments for the underlying asset.

In recent weeks, the SEC has become more friendly towards crypto, making specific outreaches to Ripple. The Commission is planning to drop its long-running lawsuit against the company and has begun acknowledging relevant filings. Today's acknowledgment is another milestone in this process, as the SEC recognized a filing from Cboe BZX Exchange to list and trade shares of the 21Shares Core XRP Trust.

An XRP ETF has long been a coveted regulatory goal in the crypto community. Under Gary Gensler's SEC, it was considered nearly impossible, but the current environment suggests that approval may be more likely this year. Polymarket odds reflect overwhelming community faith in an XRP ETF approval in 2025, and today's acknowledgment is a significant step towards that goal.

However, it is essential to note that this is not the first time the SEC has acknowledged an XRP ETF filing. Earlier this week, the Commission recognized another filing, which prompted a corresponding XRP price surge. Today, the asset's price remained relatively unchanged, with external bearish pressures outweighing the hype surrounding the ETF filing.

This latest acknowledgment reveals a clear trend towards progress at the SEC. Grayscale filed its XRP ETF proposal in late January, and the SEC confirmed it earlier in the week. Today's filing from CBOE and Bitwise, however, is barely over a week old in terms of business days. This speedy response suggests that the SEC may be accelerating its review process, especially considering the ongoing lawsuit between Ripple and the Commission. Hopefully, more good news will follow as the situation develops.