Ethereum
XRP News Today: ETH-Spot ETF Approvals Could Open Door for XRP-Spot ETFs
An SEC approval of US ETH spot ETFs could pave the way for a crypto-spot ETF market. Concerns over the SEC’s labeling of ETH and altcoin securities have derailed bets on the SEC’s approval of ETH spot ETFs and hopes for an XRP spot ETF market.
If the SEC approves the first batch of ETH-spot ETFs, it could encourage issuers to submit applications for XRP-spot ETFs.
In November 2023, XRP jumped up to a maximum of $0.7503 on fake news from BlackRock (BLACK) deposit of an XRP-spot ETF. The market reaction reflects the price impact of an XRP spot ETF market on XRP.
However, the pursuit SEC case against Ripple remains an obstacle for issuers vying for an XRP spot ETF market.
SEC v. Ripple: Threat of appeal persists as case nears conclusion
Monday (May 20), SEC case against Ripple reached its final stages. The SEC, Ripple, and any third parties have filed briefs opposing the omnibus letter motions. After a court ruling on omnibus motions to seal, parties have 14 days to file redacted versions of all documents.
The court will then decide the penalty Ripple will have to pay for violating US securities laws. Ripple expects a court decision in the coming months.