As a seasoned researcher with over two decades of experience in the financial industry, I’ve witnessed numerous regulatory shifts and market trends. The recent move by WisdomTree Funds to register for an XRP ETF is indeed intriguing, given the ongoing legal battle between Ripple and the SEC.
A New York-based asset management company called WisdomTree Funds, incorporated in Delaware, filed paperwork on November 25 for an XRP exchange-traded fund (ETF) – a move that suggests they plan to submit this application with the United States Securities and Exchange Commission (SEC).
The business is now part of a group that includes Bitwise, Canary Capital, and 21Shares, all early applicants for an XRP Exchange-Traded Fund (ETF) in the U.S. At present, it’s important to note that no such applications have been given approval by the Securities and Exchange Commission (SEC).
An XRP ETF
At a potentially crucial juncture for XRP, WisdomTree’s filing might carry significant implications. Ripple, the innovative firm responsible for crafting the XRP digital currency, secured a partial win in their long-standing legal battle against the SEC when a judge decided that XRP was not categorized as a security back in July 2023.
On October 2nd, 2024, the SEC submitted its appeal as scheduled by the court, but it was later allowed to postpone the submission of its opening brief until January 15th, 2025.
Top-down regulatory reform
The election victory of Donald Trump as U.S. President in early November has sparked a whirlwind of actions from his upcoming transition team. Although there’s been no explicit reference to the Ripple lawsuit, and Trump himself hasn’t revealed if his administration will continue ongoing cryptocurrency lawsuits brought by the SEC, experts are anticipating a significant shift in the federal government’s strategy regarding cryptocurrency regulation and supervision.
During his Republican campaign, Donald Trump pledged to transform the United States into a global leader in Bitcoin, cryptocurrency, and blockchain technologies. He has voiced his disapproval towards the federal government’s management of digital currencies under President Joe Biden and SEC Chairman Gary Gensler.
Upon assuming office, the country will transition to a new financial management system, with prominent conservative figures occupying key positions within the Treasury Department (subject to confirmation), and Gary Gensler no longer being affiliated with the Securities and Exchange Commission.
Under President-elect Trump’s administration, there could be a regulatory setup that might choose to drop old lawsuits involving companies like Ripple. If this happens, it might accelerate the approval process for an XRP Exchange Traded Fund (ETF), possibly earlier than what analysts had initially expected.
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2024-11-25 21:36