- Monica Long, Ripple president, says that XRP’s clear regulatory framework and significant trading volumes are crucial factors in determining the possibility of XRP becoming an ETF.
- The recent agreement between District Judge Amy Berman Jackson and Judge Torres on XRP, as well as her rejection of SEC arguments in Binance versus SEC marks a significant victory for the crypto industry.
In 2024, ETFs will be the main topic of discussion in the cryptocurrency space as investors speculate about the impact that institutional capital may have on their favourite coins.
After the SEC approved Bitcoin and Ethereum ETF applications recently, the XRP project community is advocating their cause. own ETFs, per Crypto News Flash report. Monica Long, Ripple’s president, has recently argued in favor of XRP ETFs.
Long-stated “I think it would be very sensible for someone to launch an XRP ETF.” During an interview with Bloomberg, she emphasized that the long-term stability of XRP and its high volume trading on the leading exchanges were key to the success of XRP’s ETF launch. She added that:
How long has XRP been in the Top 10? XRP has been trading in the top 10 for how long? On the major exchanges, like Coinbase or Kraken it is definitely in the top 5 of daily volumes.
Long also noted that XRP (XRP) and Bitcoin (BTC) are the two only crypto-assets with regulatory certainty in the U.S. He cited the court decision in the SEC lawsuit against Ripple, which found that XRP wasn’t a security.
Long’s comments echo those made by Ripple CEO Brad Garlinghouse earlier in the month, when he stated that XRP-based ETFs were not a good idea. “inevitable.” Experts believe, however, that despite Ripple’s optimism, more ETFs for altcoins could be many years off.
The importance of having XRP ETFs
Experts, such as ETF Store president Nate Geraci or Senior Bloomberg analyst James Seyffart say the launch ETFs linked with altcoins such XRP and Solana face several prerequisites which may take years. This includes establishing and launching a CFTC regulated market for futures of these assets.
There’s been a twist to the story that may improve the chances of an ETF for XRP. The District Judge Amy Berman Jackson’s decision on XRP in regards to programmatic and second sales is a significant advancement for the cryptocurrency market.
In the Binance vs. SEC case, Judge Jackson dismissed SEC contentions regarding the secondary sale of BNB tokens to entities other than Binance. The decision provides a clear indication of the judicial classification of cryptoassets under the Howey Test for investment contracts.
Ripple is a pioneer in the crypto world, having fought the SEC for four years. The XRP has undergone constant pressure from sellers, but recently it fell below $0.50. report. XRP was trading at the time of publication. 1% The market capitalization is 26.4 billion dollars.
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Source: www.crypto-news-flash.com