Gemini hints at potential Spot XRP ETF in Europe after regulatory advancements
Investing.com | Editor Ahmed Abdulazez Abdulkadir
Published Jan 22, 2024 11:34AM ET
NEW YORK - Gemini, a prominent cryptocurrency exchange, has been stirring interest within the XRP community through a series of enigmatic social media posts. These messages have sparked discussions and speculation among investors and enthusiasts about the potential launch of a Spot XRP Exchange-Traded Fund (ETF) in Europe. The conjecture aligns with Gemini's recent strides in regulatory compliance and product offerings, particularly following its approval as a Digital Asset Service Provider (DASP) in France.
The speculation has gained momentum due to a significant court ruling that recognized XRP as a currency rather than a security. This distinction is critical within the financial regulatory framework and has prompted Gemini to reintegrate XRP on its trading platform. The relisting of XRP by Gemini includes an expansion of trading pairs, which enhances the cryptocurrency's accessibility to traders.
Gemini's move to relist XRP and the rumors of a potential Spot XRP ETF come on the heels of its appointment as the custodian for VanEck's Spot Bitcoin ETF. The role of custodian is crucial in the ETF ecosystem, as it involves the safekeeping of the fund's underlying assets, thereby providing an additional layer of security and trust for investors.
The broader context of these developments is the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, the company behind XRP. The outcome of this case is anticipated to have a substantial impact on the regulatory environment for XRP and could influence the decisions of investment firms. Notably, industry giants like BlackRock (NYSE:BLK) are keeping a close watch on the situation, given the potential implications for the digital asset market.
The combination of Gemini's regulatory progress in Europe, the favorable court ruling for XRP, and the exchange's role in established ETFs has led to heightened anticipation for what could be a significant step forward for XRP in the investment world.
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