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Grayscale Investments has launched a new XRP Trust, marking the asset manager’s return to XRP (CRYPTO: XRP) after dissolving its previous trust in January 2021.
What Happened: The move comes following a July 2023 court ruling that XRP, when sold on secondary markets, does not constitute a security.
The trust, open to accredited investors, provides exposure to XRP, the digital asset used in the XRP Ledger for rapid cross-border transactions.
This development signifies a shift in Grayscale’s stance since the 2020 SEC lawsuit against Ripple Labs, which had prompted many firms to distance themselves from XRP.
The SEC alleged that Ripple had conducted an unregistered securities offering through the sale of XRP.
Also Read: 65% Of U.S. Consumers Think Crypto Could Replace Cash In The Future, Deutsche Bank Report Finds
On July 13, 2023, U.S. District Judge Analisa Torres ruled that XRP is not a security when sold to the general public on digital asset exchanges.
The court’s ruling distinguished between XRP sales to institutional investors, which were deemed securities, and those to retail investors on secondary markets, which were not
Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, emphasized the potential of XRP, stating, “By facilitating cross-border payments that take just seconds to complete, XRP has the potential to transform the legacy financial infrastructure.”
The trust is now open for daily subscription by eligible individual and institutional accredited investors, functioning similarly to Grayscale’s other single-asset investment trusts.
What’s Next: Investors and industry professionals looking to delve deeper into such developments and their implications for the cryptocurrency market may find valuable insights at Benzinga’s upcoming Future of Digital Assets event on Nov 19.
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Posted In: $XRP
