The push for the approval of the spot XRP ETF is receiving significant attention from many leading asset managers.
Many financial organizations have submitted updated applications to the SEC, opening up opportunities for XRP-based ETF products to meet investor demand. This move could expedite the decision before the upcoming October deadline.
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Seven major asset managers have simultaneously updated their XRP ETF applications submitted to the SEC.
The October approval deadline creates pressure to accelerate the SEC's decision.
XRP's price increase of 7% reflects positive expectations from the market.
How does the October deadline affect the decision to approve the XRP ETF?
The deadline for the SEC to approve the XRP ETF product in October is putting significant pressure on regulatory agencies. Analysts state that this is a key factor helping to expedite the review process.
Fox journalist Eleanor Terrett noted that the latest filings submitted to the SEC are a direct response to comments from the agency. Bloomberg ETF analyst James Seyffart emphasized that the new proposals have improved flexibility in creating and redeeming ETF shares, making them more aligned with regulatory expectations.
This not only demonstrates the thorough preparation of asset managers but also increases the likelihood of the SEC agreeing to approve the spot XRP ETF in the near future.
What does Nate Geraci think about the consensus among asset managers?
Nate Geraci, president of NovaDius Wealth and a well-known ETF expert, believes that the simultaneous action of seven managers is a very noteworthy sign. This coordination forms a common force that can put pressure on the SEC to delay further.
Although there is no guarantee that the SEC will approve immediately, this is a significant step reinforcing the view that sooner or later the XRP ETF product will be approved, benefiting investors and the cryptocurrency market.
What does BlackRock's current non-participation in the XRP ETF market mean?
Although BlackRock is the largest asset manager in the world and has led in Bitcoin ETFs and Ethereum, there are currently no plans to launch an XRP-based ETF. This creates opportunities for other issuers to dominate the market first if the SEC agrees.
BlackRock's absence opens up opportunities for competitors, while also helping to diversify the supply of XRP ETFs, contributing to increased capital inflow into this asset class.
How did XRP's price react to the XRP ETF information?
In the context of the growing cryptocurrency market, XRP has increased by 7% in the most recent trading session, reaching 3.08 USD. This upward momentum is seen as a reflection of positive investor expectations ahead of positive ETF updates.
The price increase comes not only from news but also from the possibility of institutional capital flowing strongly through ETF products, thereby promoting the popularity and widespread adoption of XRP in the near future.
"The simultaneous coordination of asset managers helps create significant pressure on the regulatory agency to consider approving the XRP ETF sooner."
– Nate Geraci, President of NovaDius Wealth, 2024
Frequently Asked Questions
What is XRP ETF and why is it of interest?
XRP ETF is an investment fund traded based on the value of XRP, facilitating easier and more transparent investment for individual and institutional investors.
Why is the October deadline important for XRP ETF?
This is the time for the SEC to make a decision to approve or deny the XRP ETF application, directly affecting the market and investors.
Who are the financial asset managers participating in this filing round?
Seven major organizations including Grayscale, Bitwise, Canary, CoinShares, Franklin Templeton, 21Shares, and WisdomTree have submitted updated applications.
How did XRP's price respond after the ETF information?
XRP has increased by 7% to 3.08 USD, showing positive sentiment and expectations from the market regarding the potential approval of the ETF.
Does BlackRock have any plans with XRP ETF?
Currently, BlackRock has no plans to announce an XRP ETF product, focusing on Bitcoin ETFs and Ethereum.
Source: https://tintucbitcoin.com/xrp-etf-tang-manh-nho-7-quy-thuc-sec/
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