XRP ETF Moves Forward As CME Develops XRP Index: Report

- CME launches XRP reference rate and index, advancing XRP product development.
- SEC reviews two XRP ETF proposals from Bitwise and Canary Capital for institutional access.
- Analyst says XRP ETF approval may hinge on Trump’s election victory, despite challenges.
CME Group’s Senior Managing Director Tim McCourt spoke about the advancement of XRP-based ETFs at Ripple Swell 2024. He revealed that CME has launched an XRP reference rate and real-time index, which is a major advancement towards the growth of the XRP community.
SEC Reviewing Proposals
McCourt’s remarks are made as the US Securities and Exchange Commission (SEC) is reviewing two XRP ETF proposals. Canary Capital filed after Bitwise Asset Management made its filing earlier. Both companies want to provide institutional investors access to XRP through their ETFs.
Geraci, the President of the ETF Store, shared his insights into the difficulties these applications encounter in an interview on the Thinking Crypto podcast. In the opinion of Geraci, one of the main problems is the absence of XRP futures contracts on the CME. Bitcoin and Ethereum ETFs were anchored on the existence of future contracts of these cryptocurrencies by CME. Since there are no futures contracts of XRP, the SEC could be hesitant to greenlight ETFs related to the cryptocurrency.
Political Influence on ETFs
As for the possibility of approving XRP ETFs, the expert said that it can only improve if Donald Trump wins the upcoming U.S. presidential election. Trump’s win would likely improve the regulatory climate for cryptocurrencies.
However, Geraci cautioned that the approval is not certain even if Trump wins the presidency again. The SEC would probably demand a co-surveillance agreement to avoid market fraud. Geraci also highlighted that the clear regulatory environment of Congress is important for the future of XRP ETFs and other cryptocurrencies. He said that such a framework will assist in determining which of the crypto assets are securities with a view of helping regulators and market players.
This is a positive development; however, there are still many issues to address when developing a regulated XRP benchmark. Changes in the political landscape and legal framework may affect the prospects and time frame of XRP ETFs’ launch. Until such issues are solved, the future of XRP ETFs will remain unknown.
The post XRP ETF Moves Forward As CME Develops XRP Index: Report appeared first on CryptoTale.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
New spot margin trading pair — HOLO/USDT!
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn
- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

OPEN has dropped by 189.51% within 24 hours during a significant market pullback
- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

New spot margin trading pair — LINEA/USDT!
Trending news
MoreCrypto prices
More








