An SEC approval of US ETH-spot ETFs could pave the way for a crypto-spot ETF market. Concerns about the SEC labeling ETH and altcoins securities had sunk bets on the SEC approving the ETH-spot ETFs and hopes of an XRP-spot ETF market.
If the SEC approves the first batch of ETH-spot ETFs, it might encourage issuers to submit applications for XRP-spot ETFs
In November 2023, XRP surged to a high of $0.7503 on fake news of BlackRock (BLK) filing for an XRP-spot ETF. The market reaction reflected the price impact of an XRP-spot ETF market on XRP.
However, the ongoing SEC vs. Ripple case remains a hurdle for issuers vying for an XRP-spot ETF market.
SEC vs. Ripple: Appeal Threat Lingers as Case Nears Its Conclusion
On Monday (May 20), the SEC vs. Ripple case reached its final stages. The SEC, Ripple, and any third parties filed briefs opposing the omnibus letter motions. After a court ruling on the omnibus sealing motions, the parties have 14 days to file redacted versions of all documents.
The court will then decide on the penalty Ripple must pay for breaching US securities laws. Ripple anticipates a court ruling within the coming months.
This article was originally published by a www.fxempire.com . Read the Original article here. .
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