Ripple is recruiting a Senior Manager of Business Development (Institutional DeFi), with the position including responsibilities for “promoting ETF projects related to cryptocurrencies.” This has led to market expectations that Ripple is preparing to apply for an XRP ETF. In response, Fox Business reporter Eleanor Terret states that XRP futures ETF is a preliminary step towards launching a spot ETF.
(Prior summary:
BlackRock has no plans to launch a spot XRP ETF, sources say regulatory uncertainty is the biggest obstacle.)
(Background supplement:
SEC demands Ripple to hand over confidential financial statements to determine if trading XRP is illegal, Ripple lawsuit to reach final battle on April 23.)
After 10 years of repeated rejections by the US Securities and Exchange Commission (SEC), a Bitcoin spot ETF was finally approved on November 11th this month, sparking market expectations for the launch of other cryptocurrency ETFs such as Ethereum and XRP.
Today, Twitter account @3TGMCrypto discovered that Ripple is seeking a Senior Manager of Business Development (Institutional DeFi) in New York, with the position specifically mentioning responsibilities for “promoting ETF projects related to cryptocurrencies,” implying that the company is preparing to apply for an XRP ETF.
Source:
Ripple official website
Fox Business reporter: Futures ETF is a preliminary step towards launching a spot ETF
This has aroused the community’s expectations, and netizens have made predictions about the launch time of XRP futures ETF and spot ETF. Fox Business reporter Eleanor Terret provides a more detailed explanation of the relationship between the two:
In fact, there hasn’t been any good news about the launch of an XRP spot ETF for a long time. In November of last year, a screenshot of a regulatory document indicated that BlackRock was preparing for the launch of an XRP ETF, but it was later confirmed to be fake news. Recently, Charles Gasparino, a senior reporter at Fox Business, quoted insider information to reveal that BlackRock currently has no plans to launch an XRP spot ETF, with one of the main reasons being regulatory uncertainty surrounding XRP.
In July of last year, Judge Analisa Torres ruled in the Ripple vs. SEC lawsuit regarding whether XRP is a security, stating that XRP sold to institutional buyers was an unregistered security, but XRP sold to retail investors through exchanges was not considered a security. Gasparino believes that this legal ambiguity is a hindrance to the launch of XRP ETFs by large financial institutions like BlackRock.
Currently, the market is closely watching the final judgment on April 23rd, which may bring more clarity to the legal status of XRP.
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