XRP ETF Approval is Inevitable, says Ripple CEO as the company faces an ongoing SEC appeal.
The legal fight between Ripple and the U.S. Securities and Exchange Commission (SEC) has caught the attention of the whole cryptocurrency world. Since the case started, it has been a key topic in discussions about crypto regulations. The most recent updates include Ripple’s chance of getting an Exchange-Traded Fund (ETF) for XRP and the ongoing appeal from the SEC.
Ripple’s CEO, Brad Garlinghouse, and other important people in the company are hopeful about the future. Meanwhile former SEC officials and legal experts are sharing their thoughts on the legal process of the appeal.
XRP ETF Approval: Inevitable Success on the Horizon?
Brad Garlinghouse has strongly said that he believes an XRP ETF is not just possible but “sure to happen.” In a recent interview with Bloomberg, Garlinghouse explained why XRP could be the next cryptocurrency to get ETF approval, just like Bitcoin and Ethereum did.
Earlier this year Bitcoin became the first cryptocurrency to get an ETF in the United States, which caused its price to rise to a record high of $73,000. Garlinghouse believes that XRP will be the next cryptocurrency to get an ETF. He thinks that cryptocurrency ETFs, which let people invest in crypto without actually owning it, are important for increasing interest from big investors.
In his interview, Brad Garlinghouse mentioned the strong demand for crypto ETFs noting that $17 billion flowed into Bitcoin ETFs after they were approved. He said this shows that both big investors and regular people want to access cryptocurrency through regular financial products. He is confident that XRP will get approval for an ETF soon, even though there are still legal problems with the SEC.
Ripple vs. SEC: Will the Civil Appeal Be Dismissed?
While Ripple is eyeing an XRP ETF approval the company remains entangled in a legal dispute with the SEC. The latest buzz in the crypto community revolves around the SEC’s civil appeal and procedural rules that may affect its progression. The SEC is required, under Local Rule (L.R.) 25.1, to file a Form D and pay a $505 docketing fee within 14 days of initiating their civil appeal. Failure to comply with this rule could result in the dismissal of the appeal.
However, former SEC lawyer Marc Fagel went on social media to explain that the SEC has already submitted the required documents. He confirmed, “It’s filed,” and asked the XRP community to calm down and not worry about small legal details. According to Fagel, both sides are following the legal process, and the appeal is safe from being thrown out. He warned that there probably won’t be any big updates until the appeal moves to the next stage, which could take a few months.
Ripple Cross-Appeal: Challenging Institutional Sales Ruling
Ripple has also filed a cross-appeal to challenge part of the district court’s decision, in addition to the SEC’s appeal. They are specifically appealing the ruling that their sales of XRP to institutions were not seen as unregistered securities.
Ripple Chief Legal Officer Stuart Alderoty, said the cross-appeal is important. It challenges a ruling that affects how Ripple sells to institutions, which is crucial for the company. Ripple has until November 5th to respond to the SEC appeal. The crypto community is watching closely to see what will happen next.
While Ripple feels confident, the SEC is standing firm. Garlinghouse has criticized the SEC for being hard on the crypto industry and lacking clarity, which he believes has created confusion in the market.
Alderoty added that the Second Circuit Court which is looking at the appeal, will probably support Judge Torres’ ruling or expand on it. He said the SEC’s best outcome would be to send the case back to the lower court for more work. However he thinks this is not likely, and most experts agree that Ripple has a good chance of winning the appeal.
Conclusion: Ripple’s Future Looks Bright
With Ripple making progress in getting an ETF for XRP and building a strong defense in its legal fight with the SEC, the company’s future looks bright. The XRP community is hopeful and is celebrating Ripple’s chances of winning in court and helping XRP become an important player in the growing world of cryptocurrency ETFs.
As the legal case goes on, Ripple is working hard to succeed in both the courtroom and the wider financial markets. Whether it gets an XRP ETF approval or wins in court, Ripple’s efforts to strengthen XRP’s position in the crypto world could have a big impact on the entire industry—follow Coin Mozo on X for the latest updates.
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