- At a recent Donald Trump campaign rally in the South Bronx, an attendee promoted the message “XRP is not a security,” referring to the Ripple vs SEC lawsuit.
- Geoffrey Kendrick from Standard Chartered Bank anticipates crypto ETF products for other altcoins, such as Solana and XRP, by the end of 2025.
At a recent political campaign rally for Donald Trump in the South Bronx, New York, one attendee promoted the message “XRP is not a security.” U.S.-based X user Craig Brittain highlighted this development in a recent post, which included a video from Fox Business News.
As Trump delivered his speech, numerous supporters recorded the event on their phones. The video showed one attendee holding a placard with a caricature of Trump and the inscription “XRP is not a security.”
NOW: Someone at the Trump rally in the South Bronx has a sign that says XRP IS NOT A SECURITY pic.twitter.com/7dX85FaTLS
— Craig R. Brittain (@RealBrittain) May 23, 2024
This message references the ongoing legal battle between Ripple Labs and the U.S. SEC. In December 2020, the SEC filed a lawsuit against Ripple, alleging the company raised $1.3 billion by selling XRP in an unregistered securities offering. Ripple Labs contested this claim, and in July 2023, District Court Judge Analisa Torres ruled that XRP itself is not a security, marking a partial victory for Ripple.
Donald Trump for Crypto
The reason behind the XRP enthusiast promoting this court decision at Donald Trump’s campaign rally is unclear, especially since the ruling is already ten months old. This incident coincided with Trump’s campaign starting to accept donations via cryptocurrencies, including XRP, per the Crypto News Flash report.
Before officially welcoming crypto donations, Trump had been a vocal advocate for cryptocurrencies. Two months ago, he promised to authorize Bitcoin for payments if re-elected president.
Furthermore, Trump emphasized that his administration would steer clear of unfavorable crypto regulations, unlike the current stance under Joe Biden’s administration with Gary Gensler as SEC chairman. Trump remarked, “If you like crypto in any form, you better vote for Trump.
Spot XRP ETF Coming?
Soon after the approval of the spot Ethereum ETF earlier this week, analysts have started anticipating similar investment products for other altcoins as well. Standard Chartered Bank analyst Geoffrey Kendrick predicts that the next phase of crypto ETFs could emerge as early as 2025.
“For other coins (eg. Solana, XRP) markets will look ahead to their eventual ETF status as well, albeit this is likely a 2025 story not a 2024 one,” said Kendrick while talking to The Block.
The approval of ether spot ETFs on Thursday indicates that the SEC does not classify ETH as a security. According to Kendrick, this development suggests that other ETH-like cryptocurrencies, which were previously under scrutiny in cases such as the 2023 XRP case, may also not be considered securities.
Although the XRP price was trading a bit under pressure, it has bounced back 2.63% in the last 24 hours amid the broader market recovery. As of press time XRP is trading at $0.54 with a market cap of $30 billion.