Is Ripple annoyed over the SEC’s decision to approve a Bitcoin ETF?
The SEC has approved a Bitcoin ETF which will be traded on the NYSE Arca. Despite the approval, Ripple’s XRP is still not listed on any major exchange and was not mentioned in the verdict. This could be due to an agreement between Ripple and Coinbase that would prevent XRP from being listed until 2018.
The sec decision on bitcoin etf is the SEC’s decision to approve a Bitcoin ETF. Ripple has been very vocal about wanting an ETF approved, but they are not happy with the SEC’s decision.
Last week, the Securities and Exchange Commission (SEC) made history by approving ProShares’ Bitcoin Futures ETF.
According to Ripple CEO Brad Garlinghouse, who spoke on Fox Business, the ruling may be beneficial for XRP since it shows that at least one cryptocurrency has clarity and consistency.
However, after the interview, interviewer Charles Gasparino speculated that the approval of the Bitcoin ETF must have irritated Ripple executives. The clearance adds to the evidence that the SEC picks winners and losers.
“I believe Ripple employees are irritated that the SEC is authorizing a Bitcoin ETF while targeting XRP and Ripple.”
Is there bias in the approval of a Bitcoin ETF?
SEC Chair Gary Gensler drew a difference between the ProShares Futures Bitcoin ETF and an unapproved “ordinary” Bitcoin ETF in an interview with CNBC.
The SEC, according to Gensler, is in the business of protecting investors. With the SEC’s sister agency, the Commodity Futures Trading Commission (CFTC), overseeing Bitcoin futures for four years, he indicated that saying yes to a Bitcoin futures ETF product is simpler from an investor protection perspective.
“I believe what you have here is a product that has been supervised for four years by a US federal regulator and the CFTC, and that is being wrapped inside of something called the Investment Company Act of 1940, which falls within our authority.”
Regardless, the ProShares Bitcoin Futures ETF’s underlying asset is still $BTC. Even while the current litigation continues to show the SEC as unfit for purpose, as Gasparino points out, the SEC continues to “target XRP and Ripple.”
Garlinghouse isn’t seeking to settle for the time being.
Given the disintegration of the Ripple case, some believe the SEC has no option except to settle. In this manner, the regulator may protect its image while continuing to pursue arbitrary cases.
Ripple’s legal team stated last month that it has no intentions to settle with the SEC and that it wants to take the matter to trial.
Garlinghouse reiterated this stance in an interview with Fox Business on Tuesday. He went on to say that as long as the SEC maintains that XRP is a security, there is nothing to resolve.
“The one thing that Ripple worries about above all else, and really for the whole XRP ecosystem, is that it’s clear that XRP is not a security moving forward.” If it isn’t in the settlement’s cards, then there isn’t anything to settle.”
Reading between the lines, it seems that the SEC has made a settlement offer. But only if Ripple backs down and admits that XRP is a security.
Gain a competitive advantage in the cryptoasset market.
As a premium Edge member, you’ll get additional crypto insights and context in every story.
For just $19 a month, you can become a member right now. Examine all of the advantages.
Like what you’ve seen so far? Stay up to date by subscribing.
The etf sec is the acronym for an exchange-traded fund. The SEC has approved a Bitcoin ETF that will be traded on the CBOE and NASDAQ stock exchanges. Ripple, being one of the top cryptocurrencies in the world, is likely to be annoyed by this decision.