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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
XRP ETF news

US Spot XRP ETF Inches Closer With This Major News

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a news that went widely unnoticed, Bitnomial Exchange, LLC, has self-certified a new futures contract for XRP with the Commodity Futures Trading Commission (CFTC) on August 9. The XRP US Dollar Futures contracts, or XUS, were scheduled to start trading yesterday, on August 13, 2024. However, the official website didn’t show any XRP Futures at press time. Notably, this certification could pave the way for the approval of a spot ETF in the United States.

The XUS contract will be a physically settled futures contract, involving 100,000 units of XRP. In the official filing, Bitnomial outlined the structure and compliance measures associated with these futures, emphasizing adherence to multiple core principles laid out by the CFTC. These principles address critical areas such as market manipulation, trading practices, market disruptions, and financial integrity.

In compliance documentation, Bitnomial stated, “Bitnomial has determined that its rules related to the listing of XUS contracts comply with the requirements of the Commodity Exchange Act and the rules and regulations promulgated by the Commission thereunder.” This compliance is crucial for addressing long-standing concerns about the stability and reliability of the cryptocurrency markets.

Related Reading: Big News For Ripple: SEC Signals No Plans To Appeal Ruling

Moreover, Bitnomial received support from market participants and clearing members. The filing states, “The Exchange has spoken with Clearing Members and market participants who support the decision to launch XRP US Dollar Futures contracts. The Exchange is not aware of any substantive opposing views to the Contracts.”

Implications For A US Spot XRP ETF

The significance of Bitnomial’s move is magnified by its potential impact on the US Securities and Exchange Commission’s (SEC) stance towards a spot Exchange-Traded Fund (ETF). The SEC has long been hesitant to approve spot crypto ETFs, particularly those based on Bitcoin, primarily due to concerns over market manipulation and fraud in the underlying markets.

A key condition the SEC has insisted upon for approving these ETFs is the presence of a “futures market of significant size.” This term refers to a sufficiently large and regulated futures market that can provide adequate surveillance and protection against potential fraud and manipulation in the spot markets.

Related Reading: Ripple Joins Forces With Largest Fintech Accelerator In MEASA Region

The SEC’s stance was overturned with the court ruling in the Grayscale case, which criticized the SEC for not adequately explaining why it treats spot and futures ETFs differently when both are based on the same underlying asset. As a result, experts argue that the SEC may soon have to approve spot crypto ETFs, when there are already approved futures-based ones.

Because of that, the community has responded enthusiastically to this news, perceiving it as a critical advancement towards the eventual approval of an spot ETF in the US. Chad Steingraber, an active community member, remarked, “The Futures Contracts are the first steps to an XRP ETF. ‘Inevitable.’”

Yassin Mobarak, founder of Dizer Capital, expressed similar sentiments, referring to the development as “A prelude to an XRP Spot ETF.” Good Morning Crypto (@AbsGMCrypto) added, “massive step forward towards an XRP ETF launching in the USA.”

Renowned ETF expert Nate Geraci who is the host of ETF Prime podcast and co-founder of the ETF Institute, posted a Trump meme, saying “Me refreshing SEC website waiting for XRP ETF filing…”

Me refreshing SEC website waiting for XRP ETF filing… pic.twitter.com/xK0N6XfOr3

— Nate Geraci (@NateGeraci) August 14, 2024

At press time, XRP traded at $0.5773.

XRP price
XRP attempts another breakout, 1-week chart | Source: XRPUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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