Approval of Spot XRP ETF Seems To Be Challenging
On January 10, the Securities and Exchange Commission (SEC) granted approval for all 11 spot Bitcoin Exchange-Traded Funds (ETFs), leading to increased speculation about the potential approval of other cryptocurrency spot ETFs. There is growing anticipation that Ethereum and XRP ETFs might also receive approval in the near future.
Recent reports suggest that approval for these cryptocurrency ETFs could materialize by April 2024. However, experts caution that not all cryptocurrency ETFs may necessarily receive regulatory approval.
Challenges for XRP ETF Approval Amid Ripple-SEC Legal Battle
According to Coingabbar, while approval for a spot Ethereum ETF seems likely, obtaining approval for a spot XRP ETF is considered quite challenging. This difficulty is attributed to the ongoing legal dispute between Ripple and the SEC.
The partial victory secured by Ripple in July, where the court ruled that XRP is not a security if not sold to institutional buyers, has implications for the ongoing case. The trial is scheduled for April 23.
Ripple’s CEO, Brad Garlinghouse, expresses optimism about the approval of spot XRP ETFs following the SEC’s recent approval of all 11 spot Bitcoin ETFs. Garlinghouse is confident that the SEC will grant approval for spot XRP ETFs in the coming days.
Spot Ethereum ETF Approval Expected, Ripple CEO Foresees Next Cryptocurrency ETF
Garlinghouse not only holds optimism for XRP but also believes that a spot Ethereum ETF will be the next cryptocurrency ETF to receive approval after #Bitcoin ($BTC).
The SEC’s approval of spot Bitcoin ETFs is seen as a crucial regulatory validation for the cryptocurrency market. It instills confidence in investors and paints a promising future for the overall cryptocurrency market.
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