XRP ETF: Pro-XRP Lawyer Provides Timeline For US SEC Approval

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As a seasoned researcher with a keen interest in the cryptocurrency market and its regulatory landscape, I find myself closely following the developments surrounding XRP, particularly the potential approval of an XRP-based exchange-traded fund (ETF). The insights provided by Pro-XRP lawyer Jeremy Hogan and Bitwise Asset Management’s Chief Investment Officer Matt Hougan offer valuable perspectives on this exciting prospect.

Attorney Jeremy Hogan, who is a supporter of XRP, has shared his thoughts about when the United States Securities and Exchange Commission (SEC) might approve a fund for trading XRP similar to an exchange-traded fund (ETF).

On a recent update at X (previously Twitter), Hogan indicated that it typically takes between 6 to 12 months for an ETF to get approved. Given this timeline, we might anticipate a verdict on the XRP ETF application around mid-2025, assuming the ongoing SEC appeal process continues as expected.

XRP ETF: Pro-XRP Lawyer Provides Timeline

Pro-XRP lawyer Jeremy Hogan ’s comments follow Bitwise Asset Management’s October filing for an XRP ETF with the SEC. The application, which cites the SEC as a primary risk factor for investors, remains under review. Jeremy Hogan highlighted that ETF applications typically follow a predictable timeline, with approval or denial usually occurring within a year. He noted that the pending SEC appeal, tied to the Ripple case, will likely influence this process.

The US SEC’s appeal stems from its legal battle against Ripple Labs, where a U.S. court ruled that XRP sales to institutional investors violated securities laws, but secondary market sales did not. 

As a researcher, I’m eagerly anticipating the scheduled review of the appeal in January 2025, which has significant implications for certain aspects of this ruling. Jeremy Hogan underscores that the timeline for ETF approval hinges largely on the resolution of this appeal. In other words, if all goes according to plan with the appeal process, we might be looking at a summertime decision next year.

Bitwise CIO Matt Hougan Stance on Approval

Similar to the stance taken by Pro-XRP attorney Jeremy Hogan, Matt Hougan, the Chief Investment Officer at Bitwise, has expressed this sentiment through stating that their company’s filing for a Bitcoin ETF is an indication of their belief in XRP’s potential. Essentially, they submit applications only when there appears to be a realistic route towards approval.

Matt Hougan pointed out that the ETF intends to leverage XRP’s robust community backing and technical infrastructure, even in the face of the legal issues presented by the ongoing US Securities and Exchange Commission (SEC) lawsuit.

Other financial companies like Canary Capital and 21Shares have taken a cue from Bitwise and submitted comparable ETF application requests as well.

Ripple Defendants See Legal Victory

The legal battle between the SEC (Securities and Exchange Commission) and Ripple Labs is significantly influencing the regulatory sphere surrounding XRP. In a recent turn of events, a court order was given favoring Ripple Labs, XRP II LLC, and Brad Garlinghouse, the CEO of Ripple. This decision further bolsters Ripple’s increasing success, built upon previous partial wins.

In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, claiming that they were selling XRP without proper registration, which made it a form of unregistered securities offering. This legal action had a major impact on XRP’s market value, causing its total worth to plummet from more than $140 billion to less than $10 billion in the days following the SEC’s complaint.

In recent times, Ripple’s legal victories have sparked renewed interest and trading activity in XRP, as well as boosting investor trust. Additionally, anticipation about potential changes in U.S. regulatory policies has ignited enthusiasm within the cryptocurrency industry. The incoming President, Donald Trump, has hinted at replacing SEC Chair Gary Gensler, leading many to speculate that a more crypto-friendly regulatory atmosphere may emerge. Furthermore, there are whispers that Gary Gensler might voluntarily step down from his position.

In light of recent developments, crypto experts anticipate that the value of XRP could experience a dramatic upward trend, reminiscent of a parabolic surge, following its three-year peak. At present, one unit of XRP is being exchanged for approximately $1.14, representing a 7.28% increase from its daily low price point.

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2024-11-19 00:44