- Grayscale Investments has won a lawsuit against the U.S. Securities and Exchange Commission (SEC), strengthening its position and fueling speculation about the return of XRP to its Digital Large Cap fund.
- This legal victory comes on the heels of Ripple also winning a court case against the SEC, leading XRP community figures to urge Grayscale to re-include XRP in its fund offerings.
The Legal Framework: Grayscale’s Latest Win
Grayscale Investments, an industry bellwether in digital asset management, recently achieved a landmark legal victory against the U.S. Securities and Exchange Commission (SEC). The digital investment titan accused the SEC of capricious behavior for rejecting its proposal to morph the Grayscale Bitcoin Trust into a spot-based exchange-traded fund (ETF). The court sided with Grayscale, fueling speculation that this ruling may also foster a more receptive environment for a spot-based Bitcoin ETF.
A Ripple Effect: XRP’s Case for Re-Inclusion
In light of Grayscale’s legal triumph, figures in the XRP community are calling for the reintroduction of XRP into Grayscale’s Digital Large Cap Fund. The fund had delisted XRP in January 2021, shortly after the SEC’s then-contentious assertion that XRP was an unregistered security. Subsequently, Grayscale dissolved its standalone XRP Trust, citing the untenability of trading XRP for U.S. dollars due to its delisting on major U.S. exchanges.
However, the SEC’s suit against Ripple concluded recently with the court ruling in favor of Ripple, establishing that XRP is not an unregistered security. Consequently, U.S.-based exchanges like Coinbase and Kraken have relisted the asset. Yet, Grayscale has maintained radio silence regarding any plans to bring XRP back into its fund ecosystem.
Community members like “Riz,” an active participant in the XRP social dialogue, are raising pertinent questions.
“When is the return of XRP on Grayscale Digital Large Cap? It’s time.. A level Playing Field,”
Riz remarked on social media. Given Grayscale’s fresh legal success, community voices like Riz argue that Grayscale has both the legal latitude and market incentive to reincorporate XRP.
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When the return of #XRP on @Grayscale Digital Large Cap?
It's time.. A level Playing Field.. https://t.co/QrKDYaxzsh
— RIZ.XRP ☀️ (@RizXRP) August 29, 2023
The trading volume of XRP has witnessed a significant uptick, nearly reverting to its pre-lawsuit levels. Its re-inclusion in Grayscale’s portfolio could catalyze this momentum, fortifying XRP’s market position. As it stands, Grayscale has yet to signal any intention to reconsider its stance on XRP, leaving the community and market analysts in anticipatory limbo.
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