As experts in the stock market and trading, we at Extreme Investor Network are closely following the latest developments in the cryptocurrency world, particularly when it comes to Ripple and XRP. Ripple President Monica Long recently made some intriguing comments about the possibility of an XRP-spot ETF, highlighting the regulatory clarity that both XRP and Bitcoin enjoy in the US. Long pointed out that XRP has consistently ranked among the top crypto assets by market cap and daily traded volume, making it a strong contender for an ETF.
“I think it would make a lot of sense. If you think about it, only XRP and Bitcoin have regulatory clarity on status in the US. XRP has been a top ten crypto asset by market cap and is in the top five if you look at daily traded volume, so I think that would make a lot of sense.”
In addition to discussing the potential for an XRP-spot ETF, Long also reflected on XRP’s previous position as the second largest cryptocurrency by market cap before the SEC shifted its focus to Ethereum (ETH).
“I think people also forget that it wasn’t that long ago before the SEC got involved that XRP was the second most valuable digital asset. That was before the SEC kind of anointed ETH.”
The mention of the SEC’s support for ETH raises questions about potential conflicts of interest within the regulatory body. In fact, US government whistleblower Empower Oversight is currently conducting an Office of Inspector General (IG) investigation into alleged biases against Ripple and XRP by former SEC officials, with a focus on former SEC director William Hinman.
Office of Inspector General Investigation Findings Imminent
Empower Oversight’s lawsuit against the SEC claims that Hinman, who now has ties to the law firm Simpson Thacher, may have received financial incentives that influenced his decisions related to Ripple and XRP. As the investigation nears its conclusion, the cryptocurrency community is eagerly awaiting the findings that could shed light on potential conflicts of interest within the SEC.