XRP ETF Prospects: Navigating The Path Amid Legal Battles

FOX reporter Eleanor Terrett shed light on the potential launch of an XRP (or other cryptocurrency) spot ETF. Terrett noted that a futures ETF would need to be established first, similar to the approval process for the Bitcoin spot ETF. The Securities and Exchange Commission (SEC) greenlit the Bitcoin spot ETF, citing the adequacy of the CME Bitcoin futures market for monitoring fraud and manipulation.

The Ripple job posting has fueled the speculation fire, indicating that the company is gearing up to apply for an XRP ETF. Specifically, the job description for a Senior Manager for Business Development in New York caught the attention of crypto enthusiasts. The posting suggests a focus on “driving cryptocurrency-related ETF initiatives,” leaving many to wonder if an XRP ETF is on the horizon.

An X (Twitter) user and crypto enthusiast highlighted the job posting, drawing attention to Ripple’s apparent interest in expanding into the ETF space. The post announced the company’s search for a Senior Manager for Business Development in New York and raised the question: Could this hiring be a significant step towards launching an XRP ETF?

In response to the speculation, Eleanor Terrett took to X to clarify the situation. She emphasized that, for an XRP spot ETF to materialize, establishing a futures ETF would be a prerequisite. Drawing parallels with the approval process for Bitcoin spot ETFs, Terrett reminded her followers that the SEC’s confidence in the CME bitcoin futures market was crucial in gaining approval. The statement implies that if Ripple’s coin manages to secure approval for a futures ETF, it will mark a positive stride toward eventually obtaining a spot ETF.

XRP ETF Faces Regulatory Challenges

Despite the gossip, some analysts remain skeptical, pointing to the ongoing legal battle between Ripple and the U.S. SEC as a significant hurdle. Townsend Lansing, CoinShares’ head of product, highlighted that regulatory approval for an ETF hinges on the SEC classifying the coin as a non-security.

The legal saga between Ripple and the SEC has seen the company secure partial court wins, with a notable ruling in July stating that secondary Ripple’s coin sales did not constitute an offer of investment contracts. However, the uncertainty surrounding the lawsuit and the absence of future XRP ETFs are reasons for skepticism.

Gemini’s recent mysterious posts about Ripple’s coin stirred speculation, only to be followed by the announcement of XRP perpetual contracts, dampening hopes for an imminent spot XRP ETF filing. As the landscape evolves, enthusiasts await further developments in the quest for an XRP ETF.

Related Reading | Binance.US Faces Regulatory Restrictions In Alaska And Florida Following CEO’s Guilty Plea

Ammar Raza: Skilled in crafting compelling content, with a deep enthusiasm for blockchain technology. I offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Count on me as a reliable resource to remain informed about the latest advancements in the world of crypto.