A legal expert has criticized regulators for what he sees as a persistent bias against XRP, following the rapid approval and launch of several new cryptocurrency exchange-traded funds (ETFs).
Specifically, pro-Ripple lawyer Bill Morgan expressed frustration after it emerged that spot ETFs for Solana (SOL), Litecoin (LTC), and Hedera (HBAR) had been cleared to begin trading on major U.S. exchanges.
Altcoin spot ETF trading
His October 28 comments came in response to announcements from Canary Capital and Bitwise, both confirming that their spot cryptocurrency ETFs had become effective and would list imminently despite the ongoing U.S. government shutdown.
According to Bitwise, its Solana Staking ETF (BSOL), the first of its kind, is now trading on the New York Stock Exchange, providing investors direct exposure to Solana.
Canary Capital also confirmed that its Litecoin and Hedera ETFs are launching on Nasdaq, while Grayscale’s Solana Trust ETF (GSOL) is set to convert later this week.
The swift approval process, facilitated through automatic legal mechanisms that allow S-1 filings to go effective without direct SEC intervention, has fueled further debate within the crypto community.
Many, like Morgan, argue that XRP continues to face disproportionate scrutiny from regulators, even as other altcoins move quickly into mainstream finance. Following the positive response of investors to the underlying assets of the current altcoin spot ETFs, Morgan stressed that a similar product for XRP could see a price appreciation.
The contrast has reignited long-standing concerns over the SEC’s handling of XRP, especially given its previous legal battles with Ripple. The SEC was expected to approve several spot XRP ETFs by the end of October, but the decision has been delayed due to the ongoing government shutdown.
XRP price analysis
Meanwhile, despite failing to secure regulatory approval for the ETF, XRP has shown strong price resilience amid short-term bearish sentiment in the market.
As of press time, the asset is trading at $2.63, having rallied roughly 0.5% in the past 24 hours. Over the past week, XRP is up almost 7%.
XRP seven-day price chart. Source: FinboldInterestingly, the asset has maintained strength in recent days despite increased profit-taking. On-chain data indicates that whales have offloaded around 140 million XRP tokens in the past few days, yet this has had minimal impact on the price.
Featured image via Shutterstock
Source: https://finbold.com/top-legal-expert-slams-regulators-for-holding-back-xrp-amid-spot-etf-delay/
