As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of regulatory battles and product launches. The recent move by Canary Capital to file for an XRP ETF is intriguing, given the ongoing legal battle between Ripple and the SEC.
As reported by ETF analyst Eric Balchunas, Canary Capital – a financial company based in Nashville, which was founded by the alternative asset manager Valkyrie – has entered the competition for an Exchange-Traded Fund (ETF) focused on XRP, having submitted its own application.
The company aims to capitalize on the increasing interest in non-traditional digital currencies by introducing a new product. Additionally, they hinted at a potentially friendlier regulatory landscape when speaking with Fox Business.
Recently, Bitwise, a prominent player in cryptocurrency index fund management, generated buzz with its submission of the initial paperwork for an XRP-based Exchange Traded Fund (ETF).
Just prior to Ripple, the firm behind the XRP digital currency, receiving a legal challenge from the U.S. Securities and Exchange Commission, it occurred.
The Securities and Exchange Commission (SEC) hasn’t disclosed specific details about what they plan to challenge. But, it’s anticipated that this prolonged legal dispute could make the approval procedure more intricate.
According to U.Today’s report, Ripple’s CEO, Brad Garlinghouse, is optimistic that a Exchange Traded Fund (ETF) based on XRP will eventually become available, stating it as an eventuality.
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2024-10-09 09:24