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There is a growing clamor for XRP ETFs and futures products on the mainstream financial market. This is a major shift from four years ago, when the securities status of the third-largest digital currency was a legal and regulatory dispute. Drawing on the asset's evolution, John Deaton has recalled the fight that made a difference in getting XRP to where it is today.
John Deaton recap on XRP
According to the legal veteran, he filed a Motion to Intervene in the Ripple lawsuit about four years ago. His goal at the time was to represent XRP holders, whom he believes have an actual say in debunking some of the Securities and Exchange Commission (SEC) claims.
At the time, he said many legal experts laughed at his motion. However, the number of holders he represented soon grew from 12,600 to over 75,000. Through collective, community-driven pushback, Deaton recalled the judge using some of the affidavits from XRP holders to release her summary judgment.
With the Ripple and SEC lawsuit officially over, asset managers are pushing for products to help advance the XRP ecosystem.
XRP funds growing
One of the first trading firms to unveil an XRP futures ETF product is Bitnomial, which has been pushing for this since at least 2024. Shortly after Bitnomial, the Coinbase exchange unveiled its plans to list XRP futures later this month.
These offerings do not account for the actual XRP ETF applications filed with the U.S. SEC. Firms driving this product include, but are not limited to, Grayscale, Bitwise, Canary Capital and Coinshares.
Ultimately, the hype around XRP’s adoption is also being fueled by Ripple Labs, which focuses on tokenization, in which the coin will play a major part. As reported earlier, Ripple sees tokenization jumping by 3,050% in value within the next decade. This forecast might benefit XRP and RLUSD stablecoins.
U.Today Editorial Team
Dan Burgin
