CandleFocus Will XRP Spot ETF Be Approved? Analyst Reveals the Condition
2024-10-02
Author: Content Editor
Cryptocurrency fund manager Bitwise Asset Management has filed for an XRP Spot ETF in the United States, a move seen as significant by Ripple supporters. This comes as Ripple is embroiled in legal battles with the SEC over unregistered XRP sales. A court ruling in 2023 determined that XRP is not a security when traded on public exchanges, but institutional sales were found to violate securities laws. Bitwise's ETF application may focus on the SEC's requirements for a "regulatory market" rather than whether XRP is a security. The filing may be a preemptive move in anticipation of a change in SEC policy after the 2024 US presidential election. Ripple CEO Brad Garlinghouse believes cryptocurrency ETFs, including XRP, are inevitable. The success of an XRP ETF in attracting capital remains uncertain.
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