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Spot XRP ETF ‘Matter Of Time’: Expert Expects BlackRock to Join the Race
Ripple has agreed to settle its lawsuit with the US Securities and Exchange Commission (SEC), reducing the original fine by over half to $50 million. This development could have a significant impact on the potential launch of a Spot XRP ETF (Exchange-Traded Fund) in the future.
As previously reported, Ripple CEO Brad Garlinghouse expressed optimism about the possibility of a major institution like BlackRock entering the cryptocurrency market. In light of this new information, it appears that such an event may not be far off.
In a statement, Ripple’s General Counsel, Brad Alderoty, revealed that the company has agreed to drop its cross-appeal and accept the settlement terms. The SEC will retain $50 million of the original $125 million fine, with the remaining balance being returned to Ripple.
The agency has also agreed to ask the court to lift the standard injunction that was previously imposed. However, pro-XRP attorney Fred Rispoli emphasized that the case is not officially concluded until the SEC’s formal vote and subsequent filings have been processed.
This could take up to 30 days for the Commission to vote and another 30 days for Judge Torres to sign off on lifting the injunction. In the best-case scenario, observers may see a fully resolved matter within roughly 60 days.
The conclusion of this lawsuit would likely remove a significant barrier to major institutional products tied to XRP. This could pave the way for institutions like BlackRock to enter the market and potentially create an XRP ETF.
As previously reported by Bitcoinist, Geraci predicted that we will see a Spot XRP ETF in the near future. Given these developments, it is not unreasonable to expect that such an event may be more likely to occur than initially thought.
In this regard, any XRP ETF could have a profound impact on the cryptocurrency’s price and overall market sentiment.
Source: https://bitcoinist.com/spot-xrp-etf-matter-of-time-expert-blackrock/
