Asset manager Bitwise filed for an XRP exchange-traded fund (ETF) on Sept. 30 with Delaware’s Division of Corporations.

The document is a registration for a Delaware statutory trust, a legally recognized trust established for business purposes.

Bitwise CIO Matt Hougan confirmed the development and told CryptoSlate that further details would be shared in the coming days.

The most notable example is the Grayscale Bitcoin Trust, which was transformed into an ETF in January of this year. Notably, Grayscale launched an XRP trust on Sept. 12. These XRP-related moves follow the conclusion of a four-year-long legal battle between XRP’s creator, Ripple Labs , and the US Securities and Exchange Commission (SEC).

Ripple was penalized $125 million as a result of the SEC’s partial victory in a motion for remedies.

However, Judge Analisa Torres from the Southern District of New York Court did not classify XRP offerings to retail investors as the sale of unregistered securities.

Despite the positive development, XRP price is still following the broad market movement and sits at $0.6117 at the time of writing, down by 2.6% over the past 24 hours as per CryptoSlate data .

Difficult task ahead

Gaining approval for a new cryptocurrency-related ETF that isn’t linked to Bitcoin (BTC) or Ethereum (ETH) could present a significant challenge.

Nate Geraci, CEO of The ETF Store, commented on Sept. 12 that obtaining SEC approval for XRP ETF trading would require political intervention.

On a similar tone, Bloomberg senior ETF analyst Eric Balchunas claimed that the chance of a Solana ETF being approved in the US is equal to “a snowball’s chance in hell.”

Balchunas’ remarks came after investment companies VanEck and 21Shares filed for Solana ETFs in late July, just four days after the first spot Ethereum ETFs began trading in the US.

Moreover, despite recently emphasizing that Bitcoin is a commodity, SEC Chairman Gary Gensler declined to specify which tokens could be considered securities in a Sept. 24 Congressional hearing . The outcome of the Solana ETFs and the potential XRP ETFs under the SEC’s current leadership remains uncertain.