Bloomberg’s James Seyffart evaluated the possibility of a spot XRP ETF product emerging in the US in 2024. Seyffart sees the chances of this happening as extremely low. The ongoing Ripple-SEC litigation and the lack of regulatory frameworks for XRP are some of the important factors. Meanwhile, according to the plan, the big hearing between Ripple and the SEC will take place in April 2024.
“I don’t think there will be a shot for the XRP ETF in 2024!”
Bloomberg Intelligence research analyst James Seyffart says launching a spot XRP ETF product in the US before the end of this year is highly unlikely given several key factors. First, there is an ongoing lawsuit between Ripple and the US SEC. That’s why uncertainty about the status of cryptocurrency still remains. He then says that there are already Bitcoin and Ethereum futures ETFs available in America. Therefore, he notes, these pave the way for spot ETFs to be approved. However, this is not the case for Ripple (XRP). In this context, the analyst makes the following statement:
We have futures that are currently traded on the CME, which is regulated by the CFTC, which is a regulated market, and then we also have futures ETFs. These are like advancing this thing. We don’t have any of these for Ripple right now.
Realistic target for XRP ETF is 2025, according to analyst
James Seyffart points to 2025, assuming the regulatory environment improves. The potential launch of a spot XRP ETF product in America says this is a more realistic goal.
Meanwhile ‘cryptokoin.com’As you follow from, the SEC recently approved a number of spot BTC ETF applications, including BlackRock, Fidelity, Grayscale, Bitwise, Franklin Templeton, and others. This development ignited the market. Leading cryptocurrency Bitcoin made a strong move towards $49,000 before falling back. Altcoins, on the other hand, saw sharper increases.
Ripple and SEC: Upcoming important developments
The legal battle between the two organizations is heading towards its final act. According to the plan, the hearing will take place on April 23, 2024. Ripple has achieved three vital (but partial) victories in the past year. Thus, he seemingly gained the upper hand. Both parties must comply with all necessary procedures before meeting in court. The SEC must submit its summary of remedies by March 13, 2024. Ripple, on the other hand, has to give its opposing views until April 12, 2024.
The cryptocurrency market is eagerly awaiting the outcome of the case. Because it is possible that a decisive victory for the company could lead to a general market boom. Moreover, according to experts, this victory will increase the legitimacy of the entire sector. On the other hand, a potential victory for the securities regulator is likely to negatively impact the industry. Additionally, this development could lead to the implementation of strict rules that could hinder investors’ interest.
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