Following the ruling, XRP’s price surged by over 20%, reflecting investor confidence and the broader industry’s view of the decision as a positive development for the crypto market.
Browsing: US Securities and Exchange Commission (SEC)
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Hopes for a quick resolution were shattered when negotiations broke down this week, casting uncertainty over the fate of XRP.
Last month, the SEC returned the initial S-1 filings to the issuers with minor comments, a move that suggests a positive outlook towards the approval process. Konstantin Shulga, CEO and Co-founder of Finery Markets, breaks down what the impending SEC decision could mean for Ethereum and its classification as a commodity or security.
This announcement comes just a day after the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act.
Despite bipartisan support, SEC Chair Gary Gensler warned that the bill might undermine existing securities laws and endanger both investors and the broader capital markets.
Traditionally, SEC requests for modifications precede approvals, indicating a possible shift in the agency’s stance towards crypto ETFs.
Consensys, a major player in the Ethereum ecosystem, has filed a lawsuit against the SEC, challenging Ethereum’s classification as a security. Ashton, Managing Partner at MohrWolfe, analyzes the legal battle shaping the crypto industry’s future and its implications for Ethereum’s legitimacy and regulatory clarity.
Investors who were previously hesitant to directly hold Bitcoin or navigate the complexities of crypto exchanges may now find a more accessible avenue for exposure to this digital asset.
The long-awaited announcement, made on Wednesday, marks a significant turning point in the evolution of cryptocurrency investment options and opens up new avenues for traditional investors to gain exposure to the volatile digital asset.
Discover how this approval could revolutionize crypto markets, attract more investors, and signify a crucial milestone in cryptocurrency’s journey towards mainstream acceptance.