SEC Chairman Says Other Market Protections Are Necessary Before any Bitcoin ETF, What Does This Mean for XRP?


According to reports from Coin Telegraph, Jay Clayton, the United States SEC (Securities and Exchange Commission) Chairman, said that the federal regulator must feel comfortable with crypto custody and make sure market manipulation cannot occur before it will approve a Bitcoin or crypto ETF (exchange-traded fund). Clayton made these comments in an interview with CNBC.

Clayton answered questions about the approval of an ETF to be released in the United States. The SEC Chairman said that the regulator is working make such an outcome possible. Will this change the security status of XRP and lay the issue to rest permanently?

He noted that a number of issues must be resolved before any crypto ETF will get the approval of the regulator beginning with custody.

Clayton: The SEC is Concerned About Irregularities Relating to Preventive Measures for Market Manipulation

A second major concern that the SEC feels is the absence of robust preventative options for market manipulation issues. In Clayton’s words:

“The other issue that’s proving to be a stumbling block is that we must implement sophisticated guidelines and surveillance to make sure that people will not manipulate the crypto markets. We are working hard to ensure that we get there.”

Clayton’s views are actually in stark contrast with the concerns expressed earlier in the week by Hester Peirce, the SEC’s commissioner. Peirce has urged all stakeholders involved to implement a less cautious approach when it comes to innovation in the ETF ecosystem.

Finally, yesterday, June 6, the SEC filed fraud charges against crypto firm Longfin Corp. and Venkata S. Meenavalli the company’s CEO.

XRP Price Prediction 2019: The Price of XRP is Still Bullish for the Third Consecutive Session

The price of Ripple’s XRP token is on its way upwards. The coin is running at its third green session consecutively. It comes after the price of XRP suffered deep losses in two sessions following the faltering of the price of XRP in a substantial resistance area. On June 3 the XRP/USD pair once again moved to breakdown the supply regions between $0.4400 to $0.4800. The price of XRP was forced to drop low to as much as 17% following a rejection blow. Despite the fact that there was high volatility, XRP managed to stabilize its position and found a bottom at $0.4000.The XRP/USD pair has been moving in a bullish pattern since May 15 via the daily chart. This current price action for XRP is narrowing in the bullish structure, as it stays in its confinements. Considering the persistent testing by the bulls, we can expect to see a breakout in the coming days. A potential push above the price pattern allied with the supply position in proximity could initiate a strong bullish action.

XRP Price Prediction 2019: Trade Recommendations for Coming Sessions

A buy position should be attractive once there’s a daily break and closure up. After it has materialized from the pennant pattern. If this prediction plays out, the price of XRP will move firmly into the $0.5000 area which is a bullish territory. The next significant area of interest for the price of XRP between $0.5700 and $0.6000. Further upwards, the large bullish candle that formed on September 21 will likely lead to the secondary target which is $0.7500.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.


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