Ripple CEO Brad Garlinghouse recently shared his favorite quote from the XRP community, which he finds intriguing. The quote, “Laugh now but one day XRP will power the world,” was displayed in a portrait that has been hanging on a wall in his house. Garlinghouse decided to share the portrait with his X followers due to the recent market momentum.
Garlinghouse also highlighted the ongoing market momentum in a separate post. This includes the SEC’s approval of multiple Ethereum ETFs and the passage of a pro-crypto legislation called the Financial Innovation and Technology for the 21st Century Act (FIT21) by the U.S. House of Representatives.
In an exciting development, the SEC approved eight Ethereum spot-based ETF applications. These approved funds include iShares Ethereum Trust, Grayscale’s converted Ethereum Trust, VanEck Ethereum Trust, Franklin Ethereum ETF, ARK/21 Shares Ethereum ETF, Fidelity Ethereum Fund, Bitwise Ethereum ETF, and Invesco Galaxy Ethereum ETF. Bloomberg ETF analyst James Seyffart suggested that these funds will start trading in the U.S. once the SEC approves the S-1 documents filed by the asset managers, which could take up to five months or less.
Following the endorsement of multiple Ethereum funds, members of the XRP community believe that XRP could be the next crypto asset to secure a spot-based ETF approval from the SEC. This optimism has led to the “XRP ETF” hashtag trending on X. However, there are concerns about how the ongoing SEC v. Ripple lawsuit could impact the chances of an XRP ETF going live. The lawsuit revolves around the regulatory status of XRP, with the SEC labeling it as a security in December 2020. While a New York Federal court ruled that XRP itself is not a security, certain transactions involving the coin could be considered securities. The court classified Ripple’s sales of XRP to institutional clients as investment contracts. The lawsuit is expected to reach a final judgment this year, and it remains uncertain whether the SEC will approve a spot-based ETF application for XRP.
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