In what could be a preparatory move before filing for the spot XRP ETF filing with the U.S. Securities and Exchange Commission (SEC), Ripple is hiring for a senior manager role in the institutional Decentralized Finance (DeFi) space. Is this the beginning of a wider institutional adoption of the cryptocurrencies in the financial world?
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Ripple Already Holds Advantage For XRP ETF Approval?
The company has already secured a court win in July 2023, with U.S. District Judge Analisa Torres in Manhattan ruling partially in its favor when it comes to the regulatory compliance of securities laws for the sale of XRP tokens to retail investors. The judgment pertaining to the institutional sale of tokens is still pending before the court. In yet another victory for the company, the US SEC had withdrawn the charges it made against company’s executives including chief executive officer Brad Garlinghouse.
With this judgment, the SEC already faces a legal precedent that shows XRP sales do not amount to investment contracts, paving way for approval of the spot ETF approval. In a recent development, the SEC asked the court to make Ripple provide certain information, like audited financial statements for 2022-2023, contracts for selling or transferring XRP to non-employee parties, and details on XRP sales money received after the lawsuit was filed in December 2020. In a response filed on January 19, Ripple disagreed with the SEC’s request for the documents.
Ripple Preparing For ETF Filing?
The company is hiring for the Senior Manager, Business Development (Institutional DeFi) role, which is to be based in London. It stated that the managerial role is part of the ‘Ripple X’ team, which is actively partnering with enterprises and institutions to develop solutions and use cases, leveraging on the XRPL Ledger and its native digital asset, XRP. Among the key responsibilities of the role would be to drive cryptocurrencies related ETFs initiatives with internal trading teams and relevant partners.
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