- Raoul Pal sees SEC’s Ripple stance as more significant than the Grayscale ETF decision for crypto’s future.
- The Ripple case signifies the future of Web3 and blockchain integration, while Grayscale ETF opens doors for capital influx.
- The judge’s XRP ruling in the Ripple case and Grayscale’s ETF approval are significant victories in cryptocurrency.
Renowned financial and investment strategist Raoul Pal, in a recent interview with Crypto Banter, singles out Ripple’s legal victory against the US Securities and Exchange Commission (SEC) as more significant than the Grayscale exchange-traded fund (ETF) decision due to the former’s impact on the future of Web3.
Pal began by acknowledging the importance of the Grayscale ETF decision, likening it to opening a floodgate of capital into the crypto world. This development simplifies access to Bitcoin for mainstream investors, a development poised to have substantial ramifications for the entire crypto market.
However, Pal stressed the fundamental difference between the two events. While the Grayscale ETF decision streamlines the capital influx into the crypto ecosystem, it doesn’t inherently alter the nature of cryptocurrencies themselves.
Shifting his focus to the SEC’s stance on Ripple, Pal articulated why this case takes precedence. He emphasized that the Ripple case sets the stage for the future of Web3, a broader concept encompassing blockchain integration across the internet. Pal stated, “It’s about the integration of blockchain technology.”
One pivotal moment in the Ripple case was the judge’s ruling that XRP does not inherently qualify as a security except when sold to experienced investors. This verdict was celebrated as a significant victory for the entire cryptocurrency industry.
In parallel, Grayscale Investments achieved a milestone as a US appeals panel permitted them to convert their Bitcoin trust into an ETF, marking another substantial stride in the cryptocurrency sector.
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