3 weeks ago
The Securities and Exchanges Commission (SEC) has acceptable itself a deadline for a determination connected whether it volition let an exchange-traded money (ETF) tracking the terms of XRP (XRP).
The SEC acknowledged a 19b-4 filing by the New York Stock Exchange (NYSE) and plus manager Grayscale, which is the archetypal clip it has responded to a filing regarding the crypto asset. This means that the Commission present has up to 240 days to marque a determination connected the filing.
While the regulator has antecedently acknowledged respective different applications for crypto-focused ETFs, including for Solana (SOL), Litecoin (LTC) and Dogecoin (DOGE), this latest acknowledgement is is important fixed that the SEC’s ongoing suit against Ripple, the issuer of XRP.
The SEC sued Ripple successful December 2020 for allegedly violating U.S. securities laws by selling XRP arsenic an unregistered information to rise funds. Ripple won the tribunal lawsuit partially successful August 2023 and XRP was deemed a non-security erstwhile sold connected secondary markets by a national judge.
The SEC filed an entreaty successful the lawsuit connected Jan. 15 — 5 days earlier Donald Trump assumed bureau arsenic U.S. President — arguing that Ripple's attack to selling XRP met the tenets of the Howey Test, a Supreme Court precedent utilized arsenic a communal modular for identifying securities.
“They could person easy rejected this filing,” said Nate Geraci, President of the ETF Store successful a post connected X. “Enormous connection [in my opinion.]”
Last week, Bloomberg ETF analysts James Seyffart and Eric Balchunas predicted a 65% accidental for an XRP ETF to beryllium approved by the extremity of 2025. The 2 analysts gave the highest chances to a LTC ETF (90%), followed by DOGE (75%) and SOL (65%).
All of the existent outstanding ETF applications for those assets volition person a determination successful October.
English (US) 