XRP ETF Will Regulators Approval? Here's The View Of Crypto Observers
XRP-based exchange-traded fund (ETF) submission by Bitwise Asset Management continues to be in the public spotlight amid regulatory uncertainty from the US Securities and Exchange Commission (SEC).
Jeremy Hogan, a pro-XRP lawyer, revealed that the decision regarding the XRP ETF is expected to come out in mid-2025 if the ongoing appeal process goes according to plan.
In his post on social media X, Hogan explained that the SEC's approval period of the ETF usually ranges from six to twelve months. However, he stressed that this process relies on the results of the SEC's appeal to the legal case of Ripple Labs which is scheduled to be reviewed in January 2025.
Bitwise submitted a proposal of XRP ETF in October 2024, noting that the main risk for investors is SEC regulatory uncertainty. Matt Hougan, Chief Investment Officer of Bitwise, stated that this submission reflects the company's confidence in XRP potential. Similar steps were also taken by Canary Capital and 21Shares, which showed a high interest in XRP-based ETFs.
Ripple's legal case with the SEC has had a major impact on XRP since it started in 2020. Although XRP's sale to institutions was declared in violation of securities laws, sales on the secondary market were declared legitimate. The latest legal victory for Ripple provides new optimism in the market.
The price of XRP is currently trading at $1.10, down 7.28% from the intraday peak of $1.15. However, analysts predict the price of XRP could spike following regulatory certainty. In addition, rumors of SEC chairman Gary Gensler's resignation are getting louder. Crypto industry players hope for a more friendly policy in the new SEC leadership era.