Ripple backs SEC crypto rule proposal in 20-page letter as XRP ETF inflows stall
Ripple filed a comment letter supporting the SEC's proposed Regulation Crypto Assets on October 20, while US spot XRP ETFs ended a 13-week inflow streak.
ALTCOINS
Daniel Hartley
10/20/20261 min read
Ripple filed a 20-page comment letter on October 20 supporting the Securities and Exchange Commission's proposed Regulation Crypto Assets, while asking for changes to parts of the framework. The public comment period on the proposal had just closed. Ripple executive Stuart Alderoty wrote that the company supports the proposal and that the SEC has clear authority to adopt it.
Reuters reported in August that the proposal includes exemptions for certain offerings and a conditional safe harbor. The SEC has not finalized the rules, and Ripple's support does not change XRP's legal status. The end of the comment window also does not make any of the proposed exemptions effective.
Flows into US spot XRP exchange-traded funds have slowed. The products recorded no net flows on October 20 after taking in about $920,800 on October 19. In the week ended October 16 they lost about $1.84 million, ending a 13-week streak of inflows. Cumulative net inflows stood at about $1.81 billion as of October 20.
Separately, Evernorth, a treasury company focused on XRP, completed its business combination with Armada Acquisition Corp. II in October and now trades under the ticker XRPN. Its shares represent equity in the company and are not XRP tokens. Cryptonews noted that buying XRPN shares does not give holders direct ownership of the token.
Source: Cryptonews.