Regulatory Experts Speculate Approval of XRP-Based ETF Might Occur in October
In the world of cryptocurrency, October is gearing up to be a defining month for XRP. The U.S. Securities and Exchange Commission (SEC) has delayed its decision on several pending XRP ETF filings, with final rulings expected between October 18 and 25.
Several big names in the industry, including Bitwise, CoinShares, 21Shares, Grayscale, and Canary Capital, are among those waiting for approval for their XRP ETF filings. They are joined by Franklin Templeton, WisdomTree, ProShares, Rex & Osprey, Teucrium, and Tuttle Capital, all eagerly awaiting the SEC's decision.
Nate Geraci, President of The ETF Store, shares this optimism, predicting a potential XRP ETF approval by October. This prediction is backed by the SEC's deadlines for major applicants, which are set for mid-October. If true, this could mark a significant milestone for XRP.
The SEC's delay in the XRP ETF decision suggests that they are taking extra time to study the risks and market impact of approving an XRP ETF. However, the delays might not be all bad news for XRP. If approved, an XRP ETF could set a strong precedent for altcoin-focused ETFs in the future.
Meanwhile, the CLARITY Act, which awaits Senate approval, could bring clear rules for digital assets, potentially easing major hurdles for Ripple and XRP. This act allows tokens to shift from securities to commodities once they become decentralised.
October could also be a pivotal month for Ripple itself. Legal expert Bill Morgan suggests that October is the expected month for a decision on Ripple's U.S. national banking license application. If both the XRP ETF approval and Ripple's U.S. national banking license application are approved, October could become one of the most defining months in XRP's history.
Interestingly, XRP ETFs in Canada have already reached an AUM of $285M and hold 100M XRP. This success in Canada suggests a positive outlook for XRP ETFs in the U.S. market.
Furthermore, the SEC may soon approve Ethereum spot ETFs with staking features, which could add yield opportunities for investors. If true, this could pave the way for more altcoin-focused ETFs with staking features, potentially boosting the crypto market further.
In conclusion, October is shaping up to be a crucial month for XRP and the crypto market as a whole. With the SEC's decisions on several XRP ETF applications and Ripple's U.S. national banking license application pending, the crypto community eagerly awaits the outcomes.
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