ETFs
XRP News Today: Ripple President Talks Ripple Stablecoins and XRP-Spot ETFs
Concerns about the SEC case against Ripple affected the appetite of buyers for XRP. The SEC filed its related appeals opening brief in March, arguing for a penalty of nearly $2 billion and an injunction. XRP could face increased selling pressure if the court bans sales of XRP to institutional investors.
Additionally, the SEC is considering an appeal against programmatic sales of XRP. decision remained a headwind to XRP. SEC Chairman Gensler’s anti-crypto rhetoric continued to bolster investor expectations for an appeal.
Despite the SEC’s stance on cryptos, Ripple President Monica Long presented a more positive outlook to investors.
XRP-Spot and Ripple Stablecoin ETF
Ripple President Monica Long spoke with CNBC on Wednesday. The Ripple president discussed increased institutional interest in digital assets through ETFs and the tokenization of real-world assets.
The stablecoin Ripple was another topic of discussion, with Monica Long stating:
“The reason we are entering this market is because we are seeing demand from our customers, financial institutions of different types, who want to use blockchain for more efficient global payments and want to do it using a US dollar stable. At Ripple, we have over 10 years of experience as a highly trusted, compliant and secure enterprise player. So I think we’re a great candidate to bring a stable, reliable U.S. dollar to the market.
In May, the SEC filed its corrective actions short answer. Significantly, the SEC targeted Ripple’s plan to launch a stablecoin, calling it the issuance of a new, unregistered crypto asset.
The Ripple president also affirmed the need for XRP after the launch of the Ripple stablecoin.
To conclude the CNBC interview, Monica Long had this to say about XRP spot ETFs:
“I think it would make a lot of sense. If you think about it, only XRP and Bitcoin have a clear regulatory status in the United States. XRP is a top ten crypto asset by market capitalization and ranks in the top five if you look at daily trading volume, so I think this would make a lot of sense.
The SEC plans to appeal the decision on programmatic sales of XRP, which could affect the timing of an XRP spot ETF market in the United States.