SEC and CFTC Greenlight Pave Way for Spot Crypto Trading
In a significant move for the digital asset industry, both the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission
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In a significant move for the digital asset industry, both the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have given approval for the spot trading of specific cryptocurrencies on registered exchanges in the United States. This development has sparked optimism among market participants, with some analysts suggesting it could lead to the approval of spot XRP exchange-traded funds (ETFs) before the end of the year.
This regulatory action comes amidst growing political attention to the digital asset space. Republican Brian Style has been a vocal proponent for legislation designed to position the U.S. as a global leader in digital assets and Web3 technology.
In related market news, XRP has seen a notable surge in investor interest. Data from the Bit Panda platform shows a 797% increase in XRP accumulation. The cryptocurrency is currently trading around the $2.87 mark, with key resistance levels identified at $2.86, $2.91, and $2.95. Market analysts believe a sustained push above $3 would be a strong indicator of a recovery rally, suggesting that a recent market correction may be setting the stage for future price increases.
The broader cryptocurrency market is also showing signs of recovery. Ethereum has already begun to rebound, and an anticipated upgrade to the Stellar (XLM) network is expected to boost its transaction processing speed to 5,000 transactions per second.
