XRP ETF: Will the Upcoming US Elections Fast-Track Its Approval?
- Patricia ArquetteOriginal
- 2024-10-29 00:46:16296browse
With Bitcoin and Ethereum ETFs already in the bags, there are now indications that XRP, the core currency of the Ripple ecosystem, and Solana might be the next major cryptos to record the same feat.
Multiple XRP exchange-traded fund (ETF) applications are currently pending before the United States Security and Exchange Commission (SEC), with two filed by Bitwise and Canary Capital.
If approved, these ETFs would allow investors to gain exposure to XRP without directly purchasing the cryptocurrency.
However, the approval process for XRP ETFs is expected to be lengthy and could take several years due to the ongoing legal battle between Ripple and the SEC over the status of XRP.
If the SEC prevails in the lawsuit and XRP is ultimately classified as a security, it could pave the way for the approval of XRP ETFs.
On the other hand, if Ripple wins the case and XRP is deemed not to be a security, it would likely render XRP ETFs ineligible for approval.
In the meantime, investors are closely monitoring the developments in the Ripple case and the SEC’s handling of XRP ETF applications.
approval
The fate of XRP exchange-traded funds (ETFs) in the United States now seems to rest on the outcome of the upcoming presidential elections.
With multiple applications pending before the SEC, XRP ETFs are poised to hit the market this year—but only if the regulatory stars align.
Currently, the SEC has a maximum of 240 days to approve or reject Bitwise’s XRP ETF filing, which begins counting from the day it published the filing in its federal register.
If the SEC fails to act within the stipulated timeframe, Bitwise’s application will be automatically approved.
However, the SEC may choose to extend the review period by 240 days if it deems necessary.
In total, the SEC has received at least three filings for XRP ETFs, with two filed by Bitwise and Canary Capital, and a third filed by a mysterious applicant.
The filings come as the SEC has already approved several ETFs linked to Bitcoin and Ethereum, sparking speculation that XRP ETFs could be next in line.
If approved, these ETFs would allow investors to gain exposure to XRP without directly purchasing the cryptocurrency.approval
Multiple XRP exchange-traded fund (ETF) applications are currently pending before the United States Security and Exchange Commission (SEC), with two filed by Bitwise and Canary Capital.
If approved, these ETFs would allow investors to gain exposure to XRP without directly purchasing the cryptocurrency.
However, the approval process for XRP ETFs is expected to be lengthy and could take several years due to the ongoing legal battle between Ripple and the SEC over the status of XRP.
If the SEC prevails in the lawsuit and XRP is ultimately classified as a security, it could pave the way for the approval of XRP ETFs.
On the other hand, if Ripple wins the case and XRP is deemed not to be a security, it would likely render XRP ETFs ineligible for approval.
In the meantime, investors are closely monitoring the developments in the Ripple case and the SEC’s handling of XRP ETF applications.
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