XRP ETF on the Horizon as Ripple Pushes Back Against SEC
Ripple Labs has been entrenched in a lengthy legal dispute with the U.S. Securities and Exchange Commission (SEC) over the regulatory status of XRP tokens.
Amidst this ongoing battle, the possibility of a spot XRP exchange-traded fund (ETF) has started gaining traction, particularly following the approval of Bitcoin and Ethereum ETFs earlier this year. The launch of such ETFs has sparked speculation that XRP could be next in line for a similar investment vehicle.
In early October, interest in an XRP ETF gained momentum as Bitwise and Canary Capital took preliminary steps to establish investment products tied to XRP. Canary Capital has already filed for ETF approval, while Bitwise has registered an investment instrument in Delaware, with plans to file at a later stage.
The move has fueled optimism in the industry, with ETF Store President Nate Geraci stating that an approval is a question of “when, not if.” However, he cautioned that a favorable outcome might depend on a shift in the U.S. regulatory landscape or changes in leadership at the SEC.
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The legal front remains active for Ripple, as the company recently submitted a cross-appeal following the SEC’s decision to challenge an earlier court ruling that XRP sales to retail investors did not violate securities regulations.
Ripple’s Chief Legal Officer, Stuart Alderoty, described the cross-appeal as a strategic move to cover all bases, expressing confidence in putting an end to what he deems a misguided effort by SEC Chair Gary Gensler to target the crypto industry.
Both Ripple’s and the SEC’s appeals will now be consolidated into a single case for the federal appeals court to decide, potentially shaping the regulatory outlook for XRP and other cryptocurrencies.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
