Rise

The long-standing legal tussle between Ripple Labs Inc. and the U.S. Securities and Exchange Commission (SEC) has finally concluded with the final remedies ruling. This potentially paves the way for the imminent approval of a spot XRP ETF. While the blockchain payments firm got a significant penalty, its native token now has notable legal clarity. 
<h2 id="xrp-etf-calls-grow-amid-ripple-sec-ruling">XRP ETF Calls Grow Amid Ripple SEC Ruling</h2> 
The conclusion of the lawsuit has sparked renewed speculation about the potential approval of an XRP ETF. Kashif Raza, the founder of Bitinning, took to X (formerly Twitter) to express optimism about the future of XRP in the ETF market. Raza wrote: 
<blockquote>
 “XRP sales to institutions were a violation of securities law. Pay $125 million fine. XRP sales to retail was not a violation of securities law. Relief to the <a href="https://coingape.com/pro-xrp-lawyer-enjoining-elon-musk-to-integrate-xrp-to-x-payments/" target="_blank" rel="noopener">XRP</a> community… You can expect XRP ETF applications soon.”
</blockquote> 
Nate Geraci, President of ETF Store, echoed this sentiment, asking on X, “Wen XRP ETF?” He also highlighted the significance of Judge Torres’ ruling, sharing a screenshot. Tbe snapshot read, “The judge reiterated her view that Ripple’s programmatic sales of XRP to retail clients through exchanges did not violate federal securities laws.” 
This ruling offers legal clarity to XRP, which several other altcoins don’t have. Thus, increasing the odds of an XRP ETF application. Earlier this year, after the SEC confirmed the approval of Spot <a href="https://coingape.com/grayscale-and-bitwise-files-to-launch-options-on-ethereum-etf/" target="_blank" rel="noopener">Ethereum ETFs</a>, analysts began speculating about the possibility of ETFs for other altcoins, including XRP. Geoffrey Kendrick, a Standard Chartered Bank analyst, has been particularly vocal about this possibility. 
Kendrick, head of forex and digital assets research at the bank, passed an optimistic comment on the situation. He stated, “While the market is looking ahead, this development is unlikely to happen in 2024. The cause could be that such ETF approval involves several steps. Hence, the decision could be delayed to next year even if an application is made right away.” 
Kendrick further suggested that the approval of Ether Spot ETFs implies that the SEC does not consider ETH a security. This reasoning could extend to XRP and other altcoins like Solana with possibility of an ETF launch by 2025. Aligning with his prediction, VanEck and 21Shares filed applications for spot Solana ETFs last month. 
Also Read:&nbsp;<a href="https://coingape.com/china-moves-2b-ethereum-seized-in-ponzi-scheme-bitcoin-xrp-next/" target="_blank" rel="noopener">Just-In: China Shifts $2B In Seized Ethereum, Bitcoin &amp; XRP Next?</a> 
<h3 id="political-regulatory-front-in-us-brazil">Political &amp; Regulatory Front In US, Brazil</h3> 
Furthermore, Brazilian Securities and Exchange Commission greenlighted the first-ever spot Solana ETF on Wednesday. This serves as a precedent for the U.S. SEC to follow the global trend and give regulatory nod for other altcoin funds just like Ethereum ETFs. Moreover, the odds of such investment products will increase if a pro-crypto presidential candidate like Donald Trump wins the 2024 elections. 
Also, <a href="https://coingape.com/kamala-harris-beats-donald-trump-on-prediction-markets-ahead-crypto-meetings/" target="_blank" rel="noopener">Kamala Harris</a> is in talks of making a pro-crypto shift with important meetings scheduled this month. Hence, both the Democratic and Republican administrations could boost crypto innovation and adoption of Harris follows Trump and RFK Jr’s pro-crypto lead. However, the massive Ethereum ETF outflows since inception, could have a negative impact on other altcoins ETF applications. 
<h2 id="xrp-lawsuit-final-verdict">XRP Lawsuit Final Verdict</h2> 
On August 7, 2024, U.S. District Judge Analisa Torres ordered <a href="https://coingape.com/xrp-lawsuit-ripple-can-sell-to-institutions-despite-recent-sec-ruling/" target="_blank" rel="noopener">Ripple Labs</a> to pay a $125 million fine. This Ripple SEC lawsuit ruling concluded the legal tussle that has captured the attention of the crypto world for over nearly four years. The judge maintained her previous stance from July 2023. 
She ruled that Ripple’s programmatic sales of XRP to retail clients through exchanges did not violate federal securities laws. However, she found Ripple’s direct sales of XRP to institutional investors to be in violation of securities laws, leading to the substantial penalty. 
This Ripple SEC lawsuit verdict came after months of speculation and delays. Moreover, it was seen by many as a ‘fair’ outcome given the stakes involved. The $125 million penalty is notably less than the $1.9 billion originally sought by the SEC. The penalty initially included $1 billion in disgorgement and prejudgment interest and $900 million in civil penalties. 
Also Read:&nbsp;<a href="https://coingape.com/ripple-ordered-to-pay-125-mln-penalty-in-sec-lawsuit/" target="_blank" rel="noopener">Breaking: Ripple Ordered To Pay $125 Mln Penalty In SEC Lawsuit</a> 
The post <a href="https://coingape.com/xrp-etf-odds-rise-as-ripple-sec-lawsuit-concludes/">XRP ETF Odds Surge As Ripple SEC Lawsuit Ends With Final Ruling</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

XRP ETF Odds Surge As Ripple SEC Lawsuit Ends With Final Ruling

Table of Contents

Coingape News Media

Other articles published on Aug 8, 2024

Top Cryptocurrencies for Long-Term Investment Today

Immutable Announces Closure of NFT Marketplace

Zeebu Concludes Third Round of ZBU Quarterly Burn Event

Robinhood Records Impressive Q2 Earnings, Ark Invest Buys Another $2.4M HOOD

Ethereum Staking Hits Record High Despite Market Downturn

Market Optimism & Upbit Listing Fuels Pendle Price’s 50% Surge

Join our free newsletter for daily crypto updates!