US Spot XRP ETF Inches Closer With This Major News
In a news that went widely unnoticed, Bitnomial Exchange, LLC, has self-certified a new futures contract for XRP with the Commodity Futures Trading Commission (CFTC) on August 9. The XRP US Dollar Futures contracts, or XUS, were scheduled to start trading yesterday, on August 13, 2024. However, the official website didn’t show any XRP Futures at press time. Notably, this certification could pave the way for the approval of a spot ETF in the United States.
The XUS contract will be a physically settled futures contract, involving 100,000 units of XRP. In the official filing, Bitnomial outlined the structure and compliance measures associated with these futures, emphasizing adherence to multiple core principles laid out by the CFTC. These principles address critical areas such as market manipulation, trading practices, market disruptions, and financial integrity.
In compliance documentation, Bitnomial stated, “Bitnomial has determined that its rules related to the listing of XUS contracts comply with the requirements of the Commodity Exchange Act and the rules and regulations promulgated by the Commission thereunder.” This compliance is crucial for addressing long-standing concerns about the stability and reliability of the cryptocurrency markets.
Moreover, Bitnomial received support from market participants and clearing members. The filing states, “The Exchange has spoken with Clearing Members and market participants who support the decision to launch XRP US Dollar Futures contracts. The Exchange is not aware of any substantive opposing views to the Contracts.”
