News
XRP News Today: Ripple President Talks Ripple Stablecoins and XRP-Spot ETFs
Concerns about the SEC case against Ripple affected buyer appetite for XRP. The SEC has filed related remedies opening brief in March, seeking a nearly $2 billion fine and an injunction. XRP may face increased selling pressure if the court bans sales of XRP to institutional investors.
Additionally, the SEC plans to appeal programmatic sales of XRP dominant a headwind remained for XRP. SEC Chairman Gensler’s anti-crypto rhetoric continued to bolster investor expectations of an appeal.
Despite the SEC’s stance on cryptocurrencies, Ripple President Monica Long has given investors a more positive outlook to consider.
XRP-Spot ETF and Ripple Stablecoin
Ripple President Monica Long spoke to CNBC on Wednesday. The Ripple president discussed the growing institutional interest in digital assets via ETFs and the tokenization of real-world assets.
The Ripple stablecoin was another point of discussion, with Monica Long saying:
“So the reason we are entering this market is that we see demand from our customers, financial institutions of various types, who want to use blockchain for more efficient global payments and they want to do it using a stable US dollar. At Ripple, we have a 10+ year legacy of being a very trusted, compliant and secure player in the enterprise space. So, I think we are a great candidate to bring a stable, reliable US dollar company to market.”
In May, the SEC presented related remedies short answer. Significantly, the SEC has targeted Ripple’s plans to launch a stablecoin, calling it the issuance of a new, unregistered crypto asset.
The Ripple president also stated the need for XRP after the launch of the Ripple stablecoin.
Concluding the CNBC interview, Monica Long had this to say about XRP spot ETFs:
“I think it would make a lot of sense. If you think about it, only XRP and Bitcoin have regulatory clarity on status in the United States. XRP has been one of the top ten crypto assets by market cap and is in the top five when you look at daily trading volume, so I think it would make a lot of sense.”
The SEC intends to appeal the ruling on XRP programmatic sales could affect the timing of an XRP spot ETF market in the United States.