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Brazil Launches First-Ever Spot XRP ETF – Will a US Approval Follow?
In a groundbreaking move, Brazil has become the first country to launch a spot Exchange-Traded Fund (ETF) for Ripple’s XRP cryptocurrency. This development comes as a surprise, given that the United States, where Ripple is based, does not have an equivalent product available in the market.
The new ETF, offered by Hashdex, enables investors to gain exposure to the performance of XRP without having to hold it directly. This milestone marks a significant moment for the adoption of cryptocurrencies into mainstream financial markets and highlights Brazil’s willingness to take the lead in embracing innovation.
However, this move has also put pressure on US regulators to reconsider their stance on approving spot ETFs for XRP. The lack of such a product in the US market is seen as an anomaly given Ripple’s close ties with the country and the immense popularity of its cryptocurrency.
The probability of an XRP ETF approval in the US now stands at 73%, according to analysts, following recent progress in regulatory matters between Ripple and the Securities and Exchange Commission (SEC). Additionally, several large asset managers have filed requests for spot XRP ETFs in the US, further increasing pressure on regulators to reconsider their stance.
The launch of the Hashdex ETF in Brazil demonstrates that countries are willing to take bold steps towards embracing cryptocurrency adoption. As a result, we may see more regulatory bodies globally re-evaluating their policies and allowing similar products to be listed on their markets.
It is clear that the Brazilian move has set the stage for US regulators to reconsider their stance on approving spot XRP ETFs. If approved, this would provide investors with greater accessibility and flexibility in gaining exposure to XRP.
Source: https://bitcoinist.com/brazil-launches-1st-ever-spot-xrp-etf-is-a-us-approval-coming/
