Concerns about the SEC vs. Ripple case affected buyer appetite for XRP. The SEC filed its remedies-related opening brief in March, arguing for an almost $2 billion penalty and an injunction. XRP could face increased selling pressure if the court prohibits XRP sales to institutional investors.
Furthermore, SEC plans to appeal against the Programmatic Sales of XRP ruling remained an XRP headwind. SEC Chair Gensler’s anti-crypto rhetoric continued reinforcing investor expectations of an appeal.
Despite the SEC stance on cryptos, Ripple President Monica Long delivered a more positive outlook for investors to consider.
XRP-Spot ETFs and the Ripple Stablecoin
On Wednesday, Ripple President Monica Long spoke to CNBC. The Ripple President discussed increased institutional interest in digital assets via ETFs and tokenization of real-world assets.
The Ripple stablecoin was another talking point, with Monica Long stating,
“So the reason we’re entering this market is we see demand from our customers, financial institutions of various types, who want to use blockchain for more efficient global payments and want to do it using a US dollar stable. At Ripple, we have a 10-plus-year legacy of being a very trusted, compliant, secure player in the enterprise space. So, I think we’re a great candidate to bring a trusted US dollar stable to the market.”
In May, the SEC filed its remedies-related reply brief. Significantly, the SEC targeted Ripple plans to launch a stablecoin, calling it the issuance of a new unregistered crypto asset.
The Ripple President also affirmed the need for XRP after the launch of the Ripple stablecoin.
Wrapping up the CNBC interview, Monica Long had this to say about XRP-spot ETFs,
“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.”
SEC plans to appeal against the Programmatic Sales of XRP ruling may affect the timing of a US XRP-spot ETF market.
XRP Price Action
Read More: XRP News Today: Ripple President Talks Ripple Stablecoins and XRP-Spot ETFs