ETFs
Five things to know about crypto this week: ETH-Spot ETFs and BTC-Spot ETF feeds
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Outlook for SEC ETFs vs. Ripple and XRP-Spot
Full approval and launch of an ETH-spot ETF could pave the way for a XRP-spot ETF market. SEC Chairman Gary Gensler publicly called ETH a post-merger security. In July 2023, American justice governed that programmatic sales of XRP do not satisfy the third prong of the Howey test.
XRP spot ETF deposits could depend on the SEC’s plans to appeal the ruling on programmatic XRP sales. The current SEC case against Ripple is in its final phase. The parties are awaiting a court decision on the omnibus motions to seal, after which the court can begin deliberations.
In July 2023, Judge Analisa ruled that Ripple violated U.S. securities laws for failing to register XRP as a security during sales to institutional investors.
The second for follow-up a penalty of nearly $2 billion and an injunction prohibiting Ripple from selling XRP to institutional investors. Ripple presented its rebuttal to the opening brief, argue that the penalty should not exceed $10 million. Ripple expects a court decision in the coming months.
The SEC may appeal Programmatic Sales’ decision at the conclusion of the case, a continuing headwind for XRP.
From Monday (May 20) to Saturday (May 25), XRP increased by 5.03% to $0.5347.