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Brett Hill, an ambassador to crypto exchange Bitrue and an XRP community figure, believes the U.S. SEC’s decision to delay an approval of a spot Bitcoin (BTC) ETF could be bullish for XRP.
Recall that BlackRock first filed for a spot Bitcoin ETF on June 15, triggering discussions on growing institutional adoption within the broader crypto community. Shortly after BlackRock’s filing, other notable assets managers joined the chorus.
SEC Delays Decision on Spot BTC ETFs
Five months after BlackRock’s filing, the U.S. SEC is yet to approve a single spot Bitcoin ETF in the country. The development has elicited speculation among industry commentators regarding the possible reason behind the delay in approving or rejecting these multiple filings.
Amid the concerns and speculation, Brett Hill thinks the delay could eventually be a bullish turn of events for XRP. Note that, while asset managers such as BlackRock and Fidelity have also shown an interest in Ethereum (ETH), XRP has not enjoyed similar interest despite being the only asset with legal clarity in the U.S.
The discovery of a BlackRock XRP ETF filing on the Delaware ICIS website exposed the high anticipation of a spot ETF filing within the XRP community, as XRP spiked to $0.75 upon reports of the ETF filing. However, the asset dumped when credible sources confirmed the filing to be fake.
The incident further triggered questions from XRP community figures, who inquired why BlackRock has not actually filed for an XRP-based spot ETF. These industry commentators called attention to the fact that a U.S. court has declared XRP a non-security, putting the asset in a unique position.
Could the SEC’s Delay Favor XRP?
Meanwhile, in his recent remarks, Hill claimed that the current delay from the SEC could be a strategic move to give XRP time to firmly establish its status as the only asset with legal clarity in the U.S. The rationale is that, with prominent assets managers coming to recognize the asset’s standing, it could clinch a real spot ETF filing.
“Unpopular opinion time! Some including me believe that the SEC might end up being the heroes in the XRP saga,” Hill said.
While his comments suggest the SEC might be willingly looking to place XRP in a favorable position, others have dismissed these claims, offering a more realistic view. These commentators believe the SEC’s delay might indeed favor XRP, but they think it would likely be an unintentional effect.