The U.S Securities and Exchange Commission (SEC) made history recently by greenlighting a Bitcoin Futures ETF from ProShares.
Speaking on Fox Business, Ripple CEO Brad Garlinghouse stated the decision might be great for XRP, as it shows that a minimum of one cryptocurrency has clearness and certainty.
But post-interview, sharing his ideas on the matter, job interviewer Charles Gasparino hypothesizes that the Bitcoin ETF approval need to have annoyed Ripple officers. In that, the approval is more proof the SEC is choosing winners and losers.
“I think people at Ripple are actually annoyed that the SEC is approving a Bitcoin ETF, while they are attacking XRP and Ripple.”
Is the approval of a Bitcoin ETF favoritism?
Speaking to CNBC, SEC Chair Gary Gensler made a difference in between the ProShares Futures Bitcoin ETF and a since yet unapproved “regular” Bitcoin ETF.
Gensler broadened on this, stating the SEC remains in the service of financier defense. And with 4 years of Bitcoin futures oversight from the SEC’s sibling company, the Commodity Futures Trading Commission (CFTC), he indicated stating yes to a Bitcoin futures ETF item is much easier to do from a financier defense perspective.
“I think what you have here is a product that’s been overseen for four years by a US federal regulator and CFTC, and that’s being wrapped inside of something that within our jurisdiction called the Investment Company Act of 1940.”
All the very same, the hidden possession in the ProShares Bitcoin Futures ETF is still $BTC. And, as Gasparino explains, the SEC continues “attacking XRP and Ripple,” even as the continuous claim continues to expose the company as unsuited for function.
As things stand, Garlinghouse isn’t looking to settle
Given the unraveling of the claim versus Ripple, some hypothesize the SEC has no option however to settle. That method, the regulator can restrict more damage to its credibility and continue with its approximate suits.
Last month, Ripple’s legal group stated it has no strategies to settle with the SEC and plans to take the case all the method to trial.
Speaking to Fox Business on Tuesday, Garlinghouse declared this position. He included that there is absolutely nothing to settle as long as the SEC keeps that XRP is a security.
“The one thing that Ripple cares about more than anything, and really for the whole XRP ecosystem, is there’s clarity going forward that XRP is not a security. If that’s not in the cards in the settlement, then there’s nothing to settle.”
Reading in between the lines, the SEC might well have actually advanced a settlement deal. But on the proviso that Ripple pulls back and yields XRP is a security.
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