When it comes to Ripple, developments are always noteworthy, and in this context, events continue to unfold on the company’s side. While news about the submission of a spot XRP ETF application to the U.S. Securities and Exchange Commission (SEC) is spreading, the company announced a hiring move that could be seen as a preparatory step. The company announced a senior executive role in the field of Corporate Decentralized Finance (DeFi), sparking excitement. This situation opens up the questioning of what the exact place of cryptocurrencies might be in the financial world.
Is Ripple in a Strong Position for an XRP ETF?
When July 2023 came around, Judge Analisa Torres of the Manhattan District Court made a historic decision. In the case between the SEC and Ripple, the judge ruled that XRP tokens were not securities, granting Ripple a historic victory. This decision covered individual sales.
The issue concerning the institutional sale of tokens has not yet been resolved. Another victory for Ripple against the SEC was the withdrawal of the SEC’s lawsuit filled with accusations, which involved Brad Garlinghouse, the company’s CEO, and several team members.
As days passed following the emerging decision, it became apparent that the SEC might suffer more headaches following the latest Bitcoin ETF. The SEC’s withdrawal from this lawsuit was an acknowledgment that XRP sales were not investment contracts, turning into an event that could be cited as a precedent in a potential XRP ETF application.
In a recent event, the SEC made a new filing. In the filing, the SEC requested the court to obtain Ripple’s audited financial statements for the years 2022-2023 and detailed information about XRP. In response to this request, Ripple countered on January 19, opposing the SEC’s demand.
Is Ripple Preparing for an ETF?
Amidst all these developments, a new job posting by the company has generated excitement. The search began for a Senior Manager, Business Development (Institutional DeFi), who will be based in London.
One aspect of the job description for the position has caught the attention of cryptocurrency investors. This individual is expected to guide ETF initiatives related to cryptocurrencies with institutions interested in trading and the company’s partners.
While all this was happening, XRP was experiencing a decline. At the time of writing, the 24-hour XRP price had fallen by 0.47% to $0.5298, moving away from the critical $0.6 level.
