Former CFTC lawyer Mike Selig commented on Twitter on the recent spate of SEC filings from companies looking to launch cryptocurrency funds on bitcoin. If a spot exchange-traded fund tied to bitcoin is glimmering on the horizon, a spot ETF on ETH and XRP is not far behind, the expert believes.
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“Hinman’s speech, as well as the court rulings against Ripple and Terraform, are increasingly compelling arguments that ETH is not considered a security, even if the coin was originally marketed as such,” the
the lawyer wrote.
On Twitter, discussion of the expert’s opinion has turned to talk of a potential launch of an exchange-traded fund tied to XRP, as Ripple recently won a partial victory in a legal battle with the SEC. The court then ruled that XRP did not qualify as a secondary market security. Cryptocurrency influencer and XRP supporter, known on Twitter as Digital Asset Investor.XRP,
noted: the coin has a unique advantage over other digital assets due to legal clarity in the United States. This could be a strong argument for launching an ETF on XRP, the crypto-enthusiast believes.
Grayscale general counsel Craig Salm recently urged the U.S. regulator to approve applications from all companies wishing to introduce spot ETFs on cryptocurrencies. The lawyer is convinced it would be fair, since the SEC has already authorized the launch of an ETF on bitcoin futures.