James Seyffart, a research analyst at Bloomberg Intelligence, has expressed skepticism about the likelihood of a spot XRP ETF launching in the United States in 2024. The ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC), as well as the lack of regulatory frameworks for XRP, are key factors contributing to this uncertainty.
Despite the existence of futures Bitcoin and Ethereum ETFs in the US, which could potentially pave the way for the approval of spot funds, Seyffart points out that this is not the case for Ripple’s XRP. He states, “We have futures already trading in the CME that are regulated by the CFTC, which is a regulated market, and then we have the futures ETFs, which also are kind of like pushing this thing along as well. We don’t have any of that for Ripple.”
Given the current regulatory environment, Seyffart suggests that 2025 might be a more realistic target for the potential launch of a spot XRP ETF in the US. Meanwhile, the SEC has recently approved a series of spot BTC ETF applications from companies such as BlackRock, Fidelity, Grayscale, Bitwise, and Franklin Templeton. This has caused significant volatility in Bitcoin’s price, which is currently trading at around $46,300.
The legal battle between Ripple and the SEC is progressing towards its final act, with a grand trial scheduled for April 23, 2024. Ripple has secured three important, albeit partial, victories last year. Both parties are required to comply with all necessary procedures before meeting in court. The SEC must file its brief with respect to remedies by March 13, 2024, while Ripple must file its opposition by April 12, 2024.
The outcome of this case is eagerly awaited, as a decisive win for Ripple could trigger a market boom and increase the legitimacy of the entire industry. Conversely, a victory for the SEC could have a negative impact on the sector, leading to the implementation of stringent rules that could deter investor interest.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | James Seyffart |
| Companies | US Securities and Exchange Commission (SEC), Franklin Templeton, Binance Futures, Ripple, BlackRock, Bitwise, Fidelity, Bloomberg Intelligence, Grayscale, CME |
| Currencies | XRP, Bitcoin, Ethereum |
| Securities | None |
