XRP ETF: Will It Survive the SEC’s Appeal? 🚨
🚀 XRP ETF on the Brink: Will the SEC Appeal Ripple’s Victory?
The countdown to October 7, 2024, is on! Will the SEC block the future of XRP ETFs, or will crypto innovation prevail? ⏳
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As the world of crypto 🌐 keeps evolving, one question is catching everyone’s attention: Will Bitwise’s XRP ETF succeed, or will it face a roadblock from the SEC? 😬 Let’s dive in!
The SEC Appeal Deadline ⏳
The U.S. Securities and Exchange Commission (SEC) has until October 7, 2024, to appeal the ruling in its case against Ripple. In July 2023, Judge Torres ruled that secondary sales of XRP to retail investors were not securities 🛡️. While the SEC has expressed dissatisfaction, Bitwise moved ahead, filing an application on September 30 to create a trust for an XRP ETF 📄.
XRP ETF: A Long Shot? 🎯
According to Alex Thorn, Head of Research at Galaxy Digital, if the SEC appeals, the chances of Bitwise’s XRP ETF succeeding drop to almost zero. He believes the ruling was a critical win for Ripple, but the SEC could still challenge it.
The Ripple ruling was praised by the crypto community, but the SEC sees it as flawed 👀. They even criticized it as “wrongly decided” in a filing during the Terraform Labs case. The SEC feels the ruling creates a confusing distinction between institutional and retail investors 🤔.
SEC’s Next Move: What Happens If They Appeal? 🚨
If the SEC decides to appeal, the legal battle could extend into 2025 ⏳, creating uncertainty for the future of XRP. However, without an appeal, Ripple could put this chapter behind them, after paying their penalties 🏁.
Bloomberg ETF analyst Eric Balchunas believes that if Kamala Harris wins the presidency in 2024, XRP ETFs may face further dismissal. However, a Trump victory could change the landscape, making crypto regulations more favorable for innovation 🚀.
Kamala Harris & Crypto: Hope or Hurdle? 🏛️
Harris has shown support for emerging technologies, including crypto. She may strike a balance between fostering innovation and protecting consumers, offering some hope for the crypto industry 🌱. Even Ripple co-founder Chris Larsen has expressed his endorsement for Harris. 🤝
But the clock is ticking! ⏲️ Will the SEC appeal the Ripple ruling? And if they do, what will it mean for XRP ETFs? Stay tuned! 📅
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