As a seasoned crypto investor with a knack for spotting trends and navigating regulatory waters, I find myself intrigued by the recent flurry of XRP ETF filings. The latest entry by Canary Capital adds another layer to the growing demand for alternative cryptocurrencies, a trend I’ve been closely following since the early days of Bitcoin.
Valkyrie-founded Canary Capital has entered the competition for an XRP Exchange Traded Fund (ETF) by submitting their own application, a fact that was recently disclosed.
Just recently, Bitwise, a significant fund manager known for active Bitcoin and Ethereum ETFs, made headlines by submitting a filing for the inaugural XRP ETF. This announcement was followed closely by Ripple, a company that uses XRP in its business, as they awaited an appeal from the SEC.
According to Nate Geraci, the president of ETF Store, a company offering consultative and management services for exchange-traded funds (ETFs), he is confident that XRP will eventually have its own ETF available.
As per Geraci’s perspective, it’s not a question of “if” but rather “when” an XRP ETF will be approved. However, he highlights that this “when” is likely to be pushed back quite significantly unless there is a shift in the current U.S. administration, which refers to a change in the U.S. presidency.
Is XRP really next up?
Canary Capital aims to seize the expanding interest in non-traditional digital currencies by introducing an XRP ETF, as they believe this innovative financial instrument will cater to the growing demand. Additionally, positive indications from regulators have bolstered their confidence.
It should be noted that XRP is currently the seventh largest cryptocurrency by capitalization and is actually one of the few digital assets whose nonsecurity status has been recognized by the courts.
From another perspective, the SEC hasn’t specified yet what they plan to challenge. This means that the status and transactions involving XRP remain uncertain, despite the fact that it currently holds a strong position due to past court decisions.
Regardless, it seems this legal dispute may persist for another couple of years, making the approval procedure more intricate.
Read More
- ENA PREDICTION. ENA cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- SHIB PREDICTION. SHIB cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- Red Dead Redemption: Undead Nightmare – Where To Find Sasquatch
- USD COP PREDICTION
- USD ZAR PREDICTION
- MYRIA PREDICTION. MYRIA cryptocurrency
2024-10-09 15:38