US SEC confirms receipt of Bitwise's spot XRP ETF application

PANews February 19th news, according to The Block, the U.S. Securities and Exchange Commission (SEC) confirmed on Tuesday that Cboe BZX Exchange, a subsidiary of the Chicago Options Exchange Group, submitted an application for listing and trading of Bitwise's spot ETFs. In a document confirming the proposal, the SEC requested that the document be submitted within 21 days from the date of publication in the Federal Register. After that, the agency may decide to approve, disapprove, or “initiate the process.”

The 19b-4 file is the second step in the two-step process of proposing to the SEC to encrypt ETFs. Once confirmed, the document will be published in the Federal Gazette, thereby starting the SEC approval process. The SEC has previously confirmed the XRP spot ETF application submitted by 21Shares and Grayscale, but has not confirmed the applications of Canary Capital and WisdomTree.

According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, the probability of XRP-based ETFs is 65%.