Jupiter

Gold

<p>In an unprecedented case that underscores the complex regulatory environment in the European Union, Jupiter Asset Management was compelled to divest its <a href="https://www.newsbtc.com/xrp-news/xrp-etf-trending-x-heres-why/" target="_blank" rel="noopener ">XRP Exchange Traded Product (ETP)</a> investment valued at approximately $2.5 million. This decision underscores the complexities and regulatory discrepancies within the European Union concerning cryptocurrency investments.</p> 
<h2 id="the-forced-xrp-etp-sale">The Forced XRP ETP Sale</h2> 
<p>The incident, which was initially <a href="https://www.ft.com/content/2c40efda-fdaf-4da5-b2de-08d031854bba" target="_blank" rel="noopener nofollow">reported</a> by the Financial Times, involved Jupiter’s Ireland-domiciled Gold &amp; Silver fund. The fund had invested $2,571,504 in 21Shares’ <a href="https://www.newsbtc.com/analysis/xrp/valour-xrp-etp-price-10/" target="_blank" rel="noopener ">Ripple XRP ETP</a> during the first half of 2023, a move that was subsequently flagged by Jupiter’s compliance department.</p> 
<p>“The trade was made, picked up by our regular oversight process and then cancelled,” a Jupiter spokesperson articulated, emphasizing the rigorous internal review processes that led to the identification and rectification of the regulatory misalignment.</p> 
<p>Ireland’s firm stance against incorporating crypto assets into Undertakings for Collective Investment in Transferable Securities (UCITS) funds mandated the reversal of this investment. Consequently, the cryptocurrency ETP holding was sold for $2,570,670, resulting in a nominal loss of $834, which the firm addressed.</p> 
<p>“Jupiter sold the cryptocurrency ETP holding for $2,570,670, at a loss of $834, according to a financial statement. The firm has made up the difference,” confirmed a spokesperson from Jupiter.</p> 
<p>This development is particularly noteworthy as it contrasts with the regulatory positions of other EU countries. For instance, Germany’s regulator permits a more flexible approach, allowing crypto ETP exposure in UCITS funds under specific conditions, as demonstrated by DWS’s Fintech fund maintaining an investment in an Ethereum exchange-traded note.</p> 
<h2 id="inconsistent-directives-within-the-eu">Inconsistent Directives Within The EU</h2> 
<p>The incident has sparked a broader discussion on the need for a harmonized regulatory approach within the EU. The discrepancy not only affects investment strategies but also impacts the overall investment ecosystem, creating a fragmented market.</p> 
<p>This is further complicated by the varying interpretations and applications of the UCITS directive across different member states, leading to a lack of clarity and uncertainty for fund managers looking to innovate their investment portfolios.</p> 
<p>Regulatory bodies in Ireland and France have recently affirmed their positions against the inclusion of crypto assets in UCITS funds, underscoring a cautious approach towards investor protection within regulated fund structures. Meanwhile, the UK and Germany adopt distinct stances, with the latter allowing certain crypto exposures under defined criteria.</p> 
<p>This incident is not only highlighting the complexities involved in navigating the regulatory landscape for crypto investments but also emphasizes the need for a unified <a href="https://www.newsbtc.com/token/european-commission-to-present-regulatory-framework-for-digital-euro-in-june/" target="_blank" rel="noopener ">regulatory framework within the European Union</a>.</p> 
<h2 id="xrp-price-confirms-breakout">XRP Price Confirms Breakout</h2> 
<p>At press time, the XRP price stood at $0.57196.&nbsp;As <a href="https://www.newsbtc.com/xrp-news/xrp-price-alert-breakout-could-confirm-today/https://www.newsbtc.com/xrp-news/xrp-price-alert-breakout-could-confirm-today/" target="_blank" rel="noopener ">predicted yesterday</a>,&nbsp;XRP has managed to break out of the descending channel and rise above the 20-, 50-, 100- and 200-day EMA cluster. This means that the XRP bulls have a good chance of gaining the upper hand again. A breakout above the 0.5 Fibonacci level at $0.5897 would be another important step.</p> 
<img loading="lazy" decoding="async" class="wp-image-575506 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-16_13-10-19.png?resize=3628%2C1673" alt="XRP price" width="3628" height="1673" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-16_13-10-19.png?resize=3628%2C1673?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-16_13-10-19.png?resize=3628%2C1673?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-16_13-10-19.png?resize=3628%2C1673?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-16_13-10-19.png?resize=3628%2C1673?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-16_13-10-19.png?resize=3628%2C1673?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-16_13-10-19.png?resize=3628%2C1673?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-16_13-10-19.png?resize=3628%2C1673?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-16_13-10-19.png?resize=3628%2C1673?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRPUSD_2024-02-16_13-10-19.png?resize=3628%2C1673?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

Investment Firm Forced To Sell XRP Worth $2.5 Million: Here’s Why

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