21Shares has filed for a spot XRP ETF, and I can’t help but wonder if this is the final nail in the coffin for the SEC’s case against Ripple. If approved, this would mean that XRP is not a security, which would be a huge win for Ripple and Garlinghouse. The ongoing legal battle has been quite something, with Judge Torres already stating that Ripple did not violate securities laws with programmatic sales. However, it seems like both parties are still not satisfied with her ruling.
The Ripple Effect on Crypto Legitimacy
If this ETF gets approved, it will undoubtedly push more people into crypto. Just look at what happened when Bitcoin and Ethereum ETFs were approved; those assets skyrocketed in popularity and price. An approval would also clarify that XRP is not a security, aligning with the recent court ruling. This could pave the way for other cryptocurrencies to follow suit.
The implications extend beyond just XRP’s market standing; it could also impact sectors like decentralized finance (DeFi) and even crypto sports betting platforms. With more regulatory clarity, these platforms might find it easier to operate using cryptocurrencies deemed “safe” by regulators.
Future of Crypto Regulation
The approval or rejection of the XRP ETF could set a significant precedent for future cryptocurrency ETFs. Given how Bitcoin and Ethereum have paved paths for mainstream acceptance, an XRP approval would further solidify this trend.
Moreover, as we approach the US presidential elections, candidates advocating for clearer regulations on cryptocurrencies might accelerate the approval process of such ETFs. It seems almost inevitable at this point.
So here we are: waiting on the SEC while they lose credibility by the day. Will an approval finally push them to let go of their case? Only time will tell.
