On August 22, the U.S. Court of Appeals for the Second Circuit rejected all appeals, definitively confirming that transactions with $XRP on public exchanges are not sales of securities. This decision ended a three-year legal dispute that began in December 2020 when the U.S. Securities and Exchange Commission (SEC) accused Ripple of illegally raising $1.3 billion through unregistered XRP offerings.
Acceleration of the development of XRP-ETF.
The clarity brought by this decision immediately triggered movement in the investment products sector.
On August 22, seven asset management companies, including Grayscale, Franklin Templeton, Bitwise, CoinShares, WisdomTree, 21Shares, and Canary, updated their applications for a spot exchange-traded fund (ETF) focusing on $XRP .
Nate Geraci, president of the investment consulting firm NovaDius Wealth, called this activity evidence that issuers are coordinating their proposals and preparing for possible regulatory approval.
It should be noted that the SEC has not yet approved a spot XRP-ETF in the U.S., although leveraged funds are present in the market.
Meanwhile, pro-crypto lawyer John Deaton noted that October will be a critical month, as the SEC is awaiting a series of deadlines for ETF applications — starting with Grayscale on the 18th and ending with WisdomTree on the 25th.
Deaton emphasized that trading these products could begin within a few days if the SEC approves them using the same procedure as it did with spot Bitcoin-ETFs. However, the launch could take several months if the SEC requires additional disclosures, as was the case with Ethereum-ETFs.
These events have caused optimism in the market $XRP . According to BeInCrypto, the token has risen by 6.55% in the last 24 hours and was trading at $3.05 at the time of publication.
