XRP Gears Up for Possible ETF Launch
Recently, Fox Business correspondent Eleanor Terrett delved into the potential avenues for an ETF focusing on the popular altcoin XRP.
Terrett commented on the concept of a spot crypto ETF, explaining its function in tracking the market value of the underlying digital asset.
Her analysis suggested a sequential process for an XRP spot ETF to materialize, emphasizing the necessity of a futures ETF. Drawing parallels with the regulatory approach taken by the Securities and Exchange Commission (SEC) towards the Bitcoin spot ETF, Terrett highlighted the SEC’s reliance on the CME Bitcoin futures market for ensuring surveillance against fraudulent activities and market manipulation during the approval process for the BTC spot.
In her commentary, Terrett proposed a conditional progression: “If XRP secures approval for a futures ETF, it would represent a significant stride towards the eventual realization of a spot ETF.” The genesis of Terrett’s discussion on an XRP spot ETF can be traced back to a tweet under the hashtag “Good Morning Crypto,” referencing a job opening at Ripple for a senior manager in business development based in New York.
Adding an element of intrigue, the job description explicitly mentioned steering initiatives related to “cryptocurrency ETFs.” The tweet, pondering the implications, raised the question of whether this signals an imminent development regarding an XRP ETF.
READ MORE: Bitcoin (BTC) Trends After Spot ETF Approval
Simultaneously, discussions unfolded within the crypto community following the SEC’s recent approval of 11 spot Bitcoin ETFs, marking a pivotal moment in the industry’s prolonged pursuit of regulatory endorsement for such financial instruments. This development sparked renewed conversations about the feasibility of approving analogous investment vehicles for other prominent cryptocurrencies, including XRP.
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.
