Kenny Nguyen, a prominent crypto pundit on X, has sparked excitement in the digital asset community by highlighting a significant development: the U.S. Securities and Exchange Commission (SEC) has acknowledged the filing for the Bitwise 10 Crypto Index ETF.
This filing allows for the listing and trading of shares tied to the fund, which notably includes XRP among its holdings.
The SEC’s notice, dated November 27, 2024, confirms that NYSE Arca, Inc. submitted the proposal on November 14. Under the SEC’s regulatory framework, the filing will undergo a public comment process to solicit stakeholders’ comments.
🚨 🚨 BREAKING NEWS:
The SEC has filed the Bitwise 10 Crypto Index ETF including XRP. 📃 BOOOOOM 🔥 #XRP #RLUSD #XRPETF 💎 💎 💎 💎 💎 💎 💎 💎 💎 💎 pic.twitter.com/P9oZdN96q7
— Kenny Nguyen (@mrnguyen007) November 27, 2024
If approved, the ETF would represent a critical milestone for the cryptocurrency market, providing investors with a regulated vehicle to gain diversified exposure to the ten largest digital assets by market capitalization.
XRP’s Role and the Bitwise 10 Crypto Index Fund
The Bitwise 10 Crypto Index Fund is designed to track the Bitwise 10 Large Cap Crypto Index, which comprises the largest crypto assets, screened for liquidity, security, and regulation.
According to the fund’s website, XRP constitutes approximately 3.2% of its portfolio, alongside other major players like Bitcoin (72.2%) and Ethereum (16.6%).
This diversification aligns with the fund’s objective of offering broad exposure to the crypto market. The fund is rebalanced monthly to reflect market dynamics, ensuring that fast-rising assets are included and underperforming ones removed.
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Investor Implications
The potential approval of the Bitwise ETF could significantly impact the cryptocurrency market. By providing institutional-grade custody and security for digital assets, the ETF addresses longstanding concerns around market accessibility and risk management.
Furthermore, it offers a convenient means for retail and institutional investors to engage with the rapidly evolving crypto space without directly holding the underlying assets.
Bitwise Asset Management, the fund’s sponsor, is the largest crypto index fund manager in the U.S. and emphasizes its commitment to maintaining high-standard transparency and risk mitigation. The company partners with leading service providers, including Coinbase Custody for asset security and KPMG for audits.
Regulatory Shift in the U.S.
The SEC’s willingness to entertain filings like this signals a gradual shift toward regulatory clarity for cryptocurrencies. Following years of uncertainty and high-profile litigation, including cases involving XRP, the industry has been eagerly anticipating steps that normalize crypto as an asset class.
This shift comes as the current SEC Chair Gary Gensler is nearing the end of his tenure. His resignation will pave the way for a crypto-friendly successor and proper regulation for cryptocurrencies in the U.S.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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