Crypto asset manager Bitwise files for XRP ETP with securities regulator By Reuters

(Reuters) – Crypto asset manager Bitwise has filed an initial registration statement with the U.S. SEC for an exchange-traded product for tokens, as it seeks to introduce more crypto products after a landmark regulatory decision to approve spot bitcoin ETF at the beginning of this year.

Bitwise earlier this year was among the firms that received approval from the Securities and Exchange Commission for their bitcoin ETFs. The approval came after a decade-long battle between the digital asset industry and the SEC, which rejected the products over concerns of market manipulation.

XRP is a digital token that powers the public blockchain XRP Ledger (XRPL). XRPL is best known for its role in facilitating cross-border payments and remittances.

The token has a market cap of more than $30 billion, Bitwise said.

An exchange-traded product is a regularly priced security that trades on a stock exchange. It tracks the underlying security, currency or asset. These are similar to stocks and can be bought and sold during the day.