According to CryptoPotato, James Seyffart, a research analyst at Bloomberg Intelligence, believes that the likelihood of a spot XRP ETF launching in the United States by the end of 2024 is slim. The ongoing Ripple-SEC lawsuit and the lack of regulatory frameworks for XRP are cited as crucial factors. The grand trial between Ripple and the SEC is scheduled for April 2024.
Seyffart points out that there are already futures Bitcoin and Ethereum ETFs in the US, which pave the way for the approval of spot funds. However, this is not the case with Ripple (XRP). He thinks 2025 seems like a more realistic target for a potential launch of a spot XRP ETF in the States, assuming the regulatory environment has improved. The SEC recently approved a wave of spot BTC ETF applications, including those of BlackRock, Fidelity, Grayscale, Bitwise, Franklin Templeton, and more.
The legal battle between Ripple and the SEC is heading towards its final act, with a grand trial scheduled for April 23, 2024. Ripple seemingly has the upper hand, securing three vital (yet partial) victories last year. Both parties are required to comply with all necessary procedures before meeting in court. The SEC must file its brief with respect to remedies by March 13, 2024, while Ripple must file its opposition by April 12, 2024. The outcome of the case is highly anticipated since a decisive win for the company could propel an overall market boom and increase the legitimacy of the whole industry. On the other hand, a potential victory for the securities regulator might negatively impact the sector and lead to the implementation of stringent rules that could impede investors' interest.
