SEC’s Appeal Could Crush Bitwise’s XRP ETF Dreams amid Ripple Ruling Uncertainty

Ripple’s victory hinges on SEC’s decision to appeal the court’s ruling on XRP.

Bitwise’s XRP ETF approval faces near-zero chances if SEC challenges the Ripple ruling.

ple ruling. The ruling ultimately determined that XRP sales on secondary markets to retail investors were not securities. However, according to Alex Thorn, Head of Research at Galaxy Digital, if the regulator decides to appeal the ruling, Bitwise’s bid may likely not succeed. He in part:

“The likelihood of this ETF filing succeeding drops to near zero if the SEC does appeal.”

“The likelihood of this ETF filing succeeding drops to near zero if the SEC does appeal.”

Meanwhile, the SEC has until October 7, 2024, to put forward an appeal. However, the agency has still not decided whether or not it will push forward with the appeal.

Interestingly, Bitwise is not waiting for the SEC to make a decision before forging ahead with its XRP ETF plans. It submitted an application to establish a trust entity on September 30. The move is a significant step towards bagging approval for its XRP ETF.

SEC May Yet Appeal

Eleanor Terrett has earlier that the SEC would most likely challenge the court ruling. The FOX Business journalist and former SEC lawyer shared this view, adding that everyone at the agency believes that the court was wrong and that the law should not be allowed.

Should the agency appeal, however, then this case may drag and extend deep into 2025.

More Doom for Bitwise’s XRP ETF?

Meanwhile, even if the fate of the XRP ETF potentially lies in the hands of the SEC, Bloomberg ETF analyst Eric Balchunas has also another danger. In his opinion, he said that XRP ETFs have almost no chance if Vice President Kamala Harris should win the coming presidential election.

However, even this view may be too farfetched considering tha