US-based asset management company Bitwise has applied for an XRP spot ETF. It was stated that the company, which made the relevant registrations in the state of Delaware yesterday, was preparing for a general SEC application. And Bitwise officially made the XRP spot ETF application, fulfilling expectations.

Came after the SEC case

The importance of applying for a spot ETF in XRP is also of great importance for cryptocurrency markets. As it will be remembered, in 2020, the SEC sued Ripple for ‘unregistered securities sales’ on XRP, which dealt a major blow to the crypto world, especially Ripple and XRP. In the intervening 4 years, the case has always developed in favour of Ripple-XRP. Last year, first the judge ruled that the secondary sales of XRP did not fall under the status of securities, and then this year, the Ripple company paid a $125 million penalty and completed the process without much damage. (The SEC has the right to appeal until October 7)

Therefore, XRP is now seen as an asset that is taken seriously by traditional markets. This has paved the way for companies like Bitwise to take bolder steps in this regard.

VanEck, another asset management company, also applied for a spot ETF in June for Solana, which the SEC put into securities status.