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BREAKING NEWS: FIRST XRP ETF GOES LIVE IN BRAZIL, NOT U.S
▪️Brazil becomes the first country to launch an XRP ETF, beating the United States.
▪️The XRPH11 ETF will give investors safe, easy, and regulated access to XRP investments.
▪️Experts predict XRP-related products could attract up to $8 billion in future, with XRP price to hit $24 soon.
XRP has just reached a major milestone with the launch of its first-ever ETF in Brazil. This exciting move could bring more investors into XRP and open the door for bigger developments in the United States.
With experts predicting that billions of dollars could soon flow into XRP products. However, this could pump the XRP price by 1000%.
First XRP ETF Goes Live in Brazil
In a big win for the XRP community, Brazil’s B3 stock exchange has launched the world’s first XRP ETF. The fund, called XRPH11, is managed by Hashdex and Genial Investimentos.
It will track the Nasdaq XRP Reference Price Index, making it easier for investors to gain safe and regulated exposure to XRP.
According to Hashdex, the ETF will invest at least 95% of its assets directly in XRP or in other products like futures contracts that copy XRP’s price movements. This setup allows both regular and big investors to invest in XRP without needing to own or store the cryptocurrency themselves.
Brazil Moves Ahead, US Still Waiting
Interestingly, this major step happened in Brazil, not in the United States, where Ripple is based. In the US, companies like Grayscale and Franklin Templeton have already filed for XRP ETFs, but they are still waiting for approval from the SEC.
Meanwhile, the demand for XRP-related investment products is growing fast. As of April 18, XRP-focused ETPs had about $950 million in assets under management, according to CoinShares. Just last week, XRP funds saw $37.7 million in new money, leading all other crypto funds.
Even bigger things could be on the horizon. JPMorgan predicted earlier this year that XRP products could pull in up to $8 billion — almost eight times more than today.
XRP Price Outlook
Even after this big news, XRP’s price hasn’t moved much. It is still trading around $2.20, with only a small 0.8% rise in the last 24 hours. But many believe that if an XRP ETF gets approved in the US, the price could shoot up.
Although XRP has been moving slowly for some time, signs are starting to look more exciting. In the past, when gold slowed down after a strong rally, XRP went up by 1,000%.
Now, with gold pulling back again, some experts think XRP could rise sharply and even reach $24 this year.
@ Newshounds News™
Source: Coinpedia
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US CRYPTO RULES LIKE ‘FLOOR IS LAVA’ GAME WITHOUT LIGHTS — HESTER PEIRCE
SEC Commissioner Hester Peirce said that to engage in crypto activities, “SEC-registrants have had to hop from one poorly illuminated regulatory space to the next.”
SEC Commissioner and head of the crypto task force, Hester Peirce, says US financial firms are navigating crypto in a way that’s similar to playing the children’s game “the floor is lava,” but in the dark.
“It is time that we find a way to end this game. We need to turn on the lights and build some walkways over the lava pit,” Peirce said at the SEC “Know Your Custodian” roundtable event on April 25.
The lava is crypto, says Peirce
Peirce explained that SEC registrants are forced to approach crypto-related activities like “the floor is lava,” where the aim is to jump from one piece of furniture to the next without touching the ground, except here, touching crypto directly is the lava.
“A D.C. version of this game is our regulatory approach to crypto assets, and crypto asset custody in particular,” she said.
Peirce said that, much like in the game, firms wanting to engage with crypto must avoid directly holding it due to unclear regulatory rules. “To engage in crypto-related activities, SEC-registrants have had to hop from one poorly illuminated regulatory space to the next, all while ensuring that they never touch any crypto asset,” Peirce said.
Peirce said that investment advisers are often unsure which crypto assets qualify as securities, what entities count as qualified custodians, and whether “exercising staking or voting rights” could trigger custody violations.
“The twist in the regulatory version is that it is largely played in the dark: burning legal lava and no lamps to illuminate the way.”
Peirce also said that a broker or ATS that cannot custody or manage crypto assets will struggle to facilitate trading, making it unlikely for a “robust market” to develop.
Echoing a similar sentiment, SEC Commissioner Mark Uyeda said at the event that as more SEC registrants work with crypto assets, it’s essential that they have access to custodial options that meet legal and regulatory requirements.
Uyeda said the agency should consider letting advisers use “state-chartered limited-purpose trust companies” with the authority to hold crypto assets as qualified custodians.
Meanwhile, the recently sworn-in chair of the SEC, Paul Atkins, said that he expected “huge benefits” from blockchain technology through efficiency, risk mitigation, transparency, and cutting costs.
He reiterated that among his goals at the SEC would be to facilitate “clear regulatory rules of the road” for digital assets, hinting that the agency under former chair Gary Gensler had contributed to market and regulatory uncertainty.
“I look forward to engaging with market participants and working with colleagues in President Trump’s administration and Congress to establish a rational fit-for-purpose framework for crypto assets,” said Atkins.
@ Newshounds News™
Source: Cointelegraph
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