Bitwise's filing acknowledges the risk that the Securities and Exchange Commission (SEC) could win an appeal to reverse a court decision that would allow it to regulate XRP as a security.

Bitwise submitted an S-1 registration Wednesday to the U.S. Securities and Exchange Commission, taking the first step toward rolling out an exchange-traded fund tied to XRP (XRP-USD), the cryptocurrency associated with Ripple.

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