Consensys CEO Joe Lubin expects a favorable legal environment for digital assets under Trumpās presidency. He suggests ongoing SEC cases against crypto companies may be ādismissed or settled.ā Panteraās legal boss Katrina PagliaĀ anticipatesĀ fewer actions and potential dismissals following the departure of Gensler. Many SEC lawsuits against crypto companies are expected to decrease or settle without major admissions of guilt post-Gensler.
New leadership may lead to the SEC coming to an agreement with Ripple rather than continuing its lengthy litigation process. Although financial penalties may be involved in a settlement, Ripple would be able to continue its operations without the burden of ongoing litigation. XRP has skyrocketed 138% this year, dwarfing Ethereumās performance and closing in on Bitcoinās year-to-date gains, according toĀ data from CoinGecko. The sixth-largest cryptocurrency by market capitalization has experienced a period of stagnation since last yearās market recovery, with prices hovering between $0.5 and $0.6, while most of the crypto market is on the rise.
Just last week, XRPĀ surpassed the $1 threshold, reaching its highest price in three years amid speculation about Genslerās potential resignation and rumors of a meeting between Trump and Rippleās CEO. The first has now been confirmed. XRP now eyes the $2 level, according to crypto analyst Ali Martinez. He believes Genslerās departure from the SEC is āthe best thing that could happen to Ripple.ā
The potential approval of a spot XRP ETF in the US could act as a bullish driver for XRPās price. Bitwise and Canary Capital are seeking SEC approval for their respective spot XRP ETFs. These proposed ETFs are currently on hold due to ongoing legal disputes over XRPās status as a security.
On Thursday, asset manager WisdomTree announced the launch of a physical XRP ETP in Europe. The fund, also known as WisdomTree Physical XRP ETP (XRPW), aims to provide investors with exposure to the spot price of XRP. WisdomTree claims that this product is the lowest-cost XRP ETP available in Europe and is fully backed by the underlying asset, securely stored in cold storage. With this launch in Europe, many members of the crypto community are optimistic that similar XRP ETF products will soon debut in the U.S.
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