Crypto Update: ETFs on the horizon?
Summary: The big question in the cryptocurrencies space continues to be the potential arrival of exchange-traded funds. New developments at the SEC point to increased support for a Bitcoin ETF. Meanwhile XRP prices could see gains from parent company Ripple's development of its cryptocurrency product for commercial application.
SEC commissioners favour Bitcoin ETF
Hester Pierce, a US SEC commissioner also known as CryptoMom, believes that the SEC should not look at the underlying Bitcoin markets when looking to approve a Bitcoin ETF, but at the ETF itself and the exchange on which it would trade. Furthermore, the addition of Elad Roisman to the commission helps increases the number of commissioners in favour of a Bitcoin ETF. Now the commission only needs one more vote to have a majority in approval of an ETF. However, the decision could be delayed as far as Q1 of next year.
Ripple to launch cryptocurrency product
Distributed ledger-based company Ripple is set to launch its cryptocurrency product, xRapid, for commercial application soon. This announcement by a head of regulatory relations for the company is largely responsible for the increase in XRP price over the last few days. This news could continue to drive XRP prices higher especially as we head towards Ripple’s annual conference at the beginning October. Afterwards investors can expect the lustre of XRP to wear off after the launch of xRapid and any announcement during the conference.