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Cryptocurrency News Articles
Interest in an XRP Exchange-Traded Fund (ETF) in the United States Is Gaining Traction
Oct 10, 2024 at 12:00 am
Interest in an XRP exchange-traded fund (ETF) in the United States is gaining traction, fueled by increasing optimism from industry experts and a recent filing by Canary Capital.
Interest in a XRP exchange-traded fund (ETF) in the United States continues to grow, with a recent filing by Canary Capital adding to the momentum.
The recent application by Canary Capital marks the second attempt to establish an XRP ETF, following a similar effort by Bitwise earlier this month. These developments indicate a rising confidence in Ripple's cryptocurrency among Wall Street investors.
However, the approval of such an ETF is ultimately subject to the decision of the US Securities and Exchange Commission (SEC), which is currently engaged in an ongoing appeal in the Ripple case.
Despite the legal setback, market participants maintain a positive outlook on XRP's future.
“I think it's more a matter of timing than whether it will happen. We've seen huge interest in XRP from retail investors, and now it's clear that Wall Street is also taking notice,” said Nate Geraci, president of ETF Store.
Geraci added that shifts in the political landscape, including potential changes in presidential or SEC leadership, could significantly influence the direction of cryptocurrency regulation.
SEC Chairman Gary Gensler is facing mounting criticism from the crypto community, with accusations of the agency overreaching its regulatory authority. However, some, including Geraci, believe that a change in administration could create favorable conditions for the approval of XRP ETFs.
High-profile supporters, such as pro-XRP attorney Bill Morgan and Ripple CEO Brad Garlinghouse, also share a hopeful perspective.
“The approval of an XRP ETF would be a major development for the cryptocurrency and could lead to a significant increase in interest from institutional investors,” said Morgan.
“We are optimistic that the SEC will ultimately approve an XRP ETF, and we believe that it would be a valuable addition to the ETF landscape,” added Garlinghouse.
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