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Coinbase announces that it will self-certify XRP Futures in light of improved regulatory conditions.
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Ripple settles SEC case, clearing the way for institutional products based on XRP.
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Following the settlement of a lawsuit, multiple asset managers have filed for spot XRP exchange-traded funds.
Coinbase Derivatives has filed with the U.S. Commodity Futures Trading Commission to self-certify a XRP futures contract. The launch date is April 21. If launched, Coinbase would become the second U.S. regulated platform to list futures for XRP, following Bitnomial’s listing earlier this week.
The move coincides a perceived shift of regulatory posture around XRP after progress in the SEC’s legal dispute with RippleLabs.
Coinbase Futures Strategy & Self-Certification
Coinbase Derivatives can introduce new futures contracts using the self-certification procedure submitted to the CFTC, without requiring formal approval prior to introduction. This is true unless the regulator objects. This streamlined approach is a part of the platform’s strategy to expand access to regulated cryptocurrency futures.
Related XRP’s Future as a Payments System: Experts debate the coin’s true value
Coinbase Derivatives has launched futures on Solana (ADA) and Hedera (SOLANA) and is awaiting clearance for Cardano Natural Gas (NGS), both of which are expected to be live by the end April.
SEC Retreats in Ripple Lawsuit
Coinbase’s decision seems to be linked to XRP’s improved regulatory standing after developments in the SEC vs. Ripple labs lawsuit. Two weeks prior to Coinbase’s filing Ripple CEO Brad Garlinghouse had announced that the SEC agreed to withdraw its long-running appeal.
Related SEC Drops Multiple Lawsuits Against Crypto Firms – Here’s the list
Ripple, as part of the finalized settlement, agreed to a 50 million dollar settlement (down from $125 million), and retracted its own cross-appeal.
Path cleared for institutional XRP products, spot ETFs
This resolution is seen as paving the way for institutional products that are tied to XRP. Coinbase’s filing for futures is an example. Several asset managers have also filed filings with the SEC for spot XRP exchange-traded funds.
Bitwise, Canary Capital and Franklin Templeton are among the current spot XRP ETF filers. ProShares, Volatility shares and other XRP linked investment products are also being pursued by these two companies.
