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The recent surge in applications for an exchange-traded fund (ETF) for XRP has sparked significant interest in the cryptocurrency market. CBOE has recently submitted the 19b-4 form for Bitwise’s XRP ETF application. Bitwise’s Chief Investment Officer, Matt Hougan, emphasized that this process requires long-term development. According to Hougan, while the U.S. Securities and Exchange Commission (SEC) is open to evaluating cryptocurrency ETFs, the approval process will be lengthy.
“XRP ETF Process Requires Long-Term Planning”
In an interview with Thinking Crypto, Matt Hougan noted that the XRP ETF process has been initiated and halted multiple times in the past. He recalled that some previous applications were withdrawn, suggesting that the recent resubmissions from several companies indicate the SEC is seriously reviewing these products. However, this does not guarantee approval.
According to Hougan, the SEC is increasingly taking a more favorable view of cryptocurrencies like XRP and Solana 
$126. The recent increase in applications suggests that the regulatory agency is becoming more open to the market introduction of these assets via investment funds. However, a rapid process should not be expected. Hougan stated that the SEC would conduct a comprehensive review by soliciting public feedback, which could take at least six months.
Futures Market Plays a Critical Role in ETF Approval
Hougan pointed out that ETF approvals have historically followed a particular pattern. ETFs for gold and Bitcoin 
$84,772 were introduced after a regulated futures market was established. Although a futures market is not mandatory for XRP, Hougan noted that creating such a market could be a significant factor in the SEC’s approval process.
He emphasized that the SEC meticulously scrutinizes XRP ETFs due to its responsibility for investor protection and preventing market manipulation. Hougan indicated that the process could accelerate if the market becomes more regulated. Making XRP more accessible to institutional investors could enhance market liquidity and increase the likelihood of ETF application approvals.
