An SEC approval of US ETH-spot ETFs might pave the manner for a crypto-spot ETF market. Issues about the SEC labeling ETH and altcoins securities had sunk bets on the SEC approving the ETH-spot ETFs and hopes of an XRP-spot ETF market.
If the SEC approves the first batch of ETH-spot ETFs, it would encourage issuers to submit purposes for XRP-spot ETFs
In November 2023, XRP surged to a excessive of $0.7503 on pretend information of BlackRock (BLK) submitting for an XRP-spot ETF. The market response mirrored the value influence of an XRP-spot ETF market on XRP.
Nevertheless, the ongoing SEC vs. Ripple case stays a hurdle for issuers vying for an XRP-spot ETF market.
SEC vs. Ripple: Attraction Risk Lingers as Case Nears Its Conclusion
On Monday (Might 20), the SEC vs. Ripple case reached its last levels. The SEC, Ripple, and any third events filed briefs opposing the omnibus letter motions. After a court docket ruling on the omnibus sealing motions, the events have 14 days to file redacted variations of all paperwork.
The court docket will then determine on the penalty Ripple should pay for breaching US securities legal guidelines. Ripple anticipates a court docket ruling inside the coming months.
