Ripple’s Moves Towards XRP ETF Approval
Ripple is taking steps towards filing for a spot XRP ETF with the SEC by hiring a senior manager in the institutional DeFi space. This could potentially lead to wider institutional adoption of cryptocurrencies in the financial world.
Legal Precedent in Favor of Ripple
In July 2023, Ripple secured a court win when U.S. District Judge Analisa Torres ruled that XRP sales to retail investors do not violate securities laws. The judgment regarding institutional sales is still pending. Additionally, the SEC dropped charges against Ripple executives, including CEO Brad Garlinghouse, further strengthening Ripple’s position.
SEC Requests Information from Ripple
The SEC has asked Ripple to provide audited financial statements, details on XRP sales, and contracts for selling or transferring XRP. In response, Ripple disagreed with the SEC’s request for these documents.
Ripple Hiring for ETF Filing
Ripple is hiring a Senior Manager for Business Development in the Institutional DeFi space in London. This role will focus on driving cryptocurrency-related ETF initiatives with internal trading teams and partners.
Hot Take: Ripple’s Potential Impact on Cryptocurrency Adoption
Ripple’s moves towards filing for an XRP ETF and its legal victories against the SEC could have significant implications for institutional adoption of cryptocurrencies. If approved, an XRP ETF could open doors for more traditional investors to enter the crypto market, potentially leading to increased mainstream acceptance of digital assets.
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