PANews reported on February 19 that according to The Block, the U.S. Securities and Exchange Commission (SEC) confirmed on Tuesday that Cboe BZX Exchange, a subsidiary of the Chicago Board Options Exchange Group, submitted an application on behalf of Bitwise for the listing and trading of Bitwise XRP spot ETF stocks. In a document confirming the proposal, the SEC requested comments within 21 days of the date the document was published in the Federal Register. After that, the agency may decide to approve, disapprove, or "start the process."
The 19b-4 filing is the second step in the two-step process of proposing a crypto ETF to the SEC. Once confirmed, the filing will be published in the Federal Register, thereby starting the SEC's approval process. The SEC has previously confirmed XRP spot ETF applications submitted by 21Shares and Grayscale, but has not yet confirmed applications from Canary Capital and WisdomTree.
According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, there is a 65% chance that an XRP-based ETF will be approved.
