Legal expert James Murphy, aka MetaLawMan, recently spoke about the status of the $XRP
Trust and its implications for the #cryptocurrencymarket , especially in regards to the regulatory challenges posed by the SEC.
In an interview with Thinking Crypto, when asked if an SEC appeal could prevent these approvals, James expressed concern that the SEC could use the current uncertainty as a reason to reject the XRP #ETP (Exchange-Traded Product). He said that for an ETF to be approved, the asset must qualify as a commodity, which complicates the situation for #Xrp🔥🔥 . James believes the SEC may feel pressured to reject these products, citing that there is still uncertainty in the market. He suggested that the SEC could delay the process, possibly triggering further legal challenges similar to past #Bitcoin❗ scenarios.
James indicated that a change in SEC leadership could lead to a more favorable environment for cryptocurrency-related products. He cited recent hearings where commissioners seemed open to Congress updating legislation, contrasting this with evasive responses from SEC Chairman #GaryGensler .
The concept of “fair notice” was emphasized during the hearing, explaining the need for clear rules in regulatory practices. James emphasized that a transparent legal framework is essential for compliance, arguing that current ambiguity undermines the rule of law.