The SEC has confirmed receipt of Bitwise's spot XRP ETF application

ChainCatcher news, according to The Block, the U.S. Securities and Exchange Commission (SEC) confirmed on Tuesday that the Cboe BZX Exchange, a subsidiary of the Chicago Board Options Exchange, submitted an application for the listing and trading of the Bitwise XRP spot ETF on behalf of Bitwise. In a document confirming the proposal, the SEC requested comments to be submitted within 21 days from the date the document is published in the Federal Register. After that, the agency may decide to approve, disapprove, or "initiate proceedings."

The 19b-4 document is the second step in the two-step process of proposing a crypto ETF to the SEC. Once confirmed, the document will be published in the Federal Register, thereby initiating the SEC's approval process. The SEC has previously confirmed the XRP spot ETF applications submitted by 21Shares and Grayscale, but has not yet confirmed the applications from Canary Capital and WisdomTree.

According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, the likelihood of an XRP-based ETF being approved is 65%.